Whether you rent or own your home, you may not have thought about contents insurance when you first moved in. While property or contents insurance is usually included in most homeowners’ policies, it is not part of a tenant’s or renter’s policy.
If a downed wire starts a fire on your property, the right insurance policy is essential to make sure you can afford the repairs needed to keep your home livable. But what about everything else you own? That’s where contents insurance comes in, providing coverage for the valuable and sentimental possessions inside your home.
Contents insurance, usually a part of most homeowners’ policies, covers the physical possessions in your home in case of damage, theft, or vandalism. These policies also cover your possessions when they are removed from the home, like the iPod you take to the gym or the golf clubs in your trunk. All of the items owned by you are considered property by an insurance adjuster, providing coverage even when your valuables are not physically on your property.
In general, your policy will be priced according to an evaluation by your insurance adjuster, but any changes to your home’s interior or the possessions you own may require a policy adjustment. Any significant purchase, like expensive jewelry or a new computer, should be reported to your insurance company to be sure proper protection is maintained.
As a tenant, you still need coverage for your property. Tenant insurance, required by many landlords, provides a safety net in case you cause damage to the property you are renting. Most tenant policies include the basics, like water damage, theft, fire, and vandalism, but many do not automatically include your possessions.
Even if you think your belongings are not valuable enough to warrant additional coverage, the expense of replacing everything you own could add up to thousands of dollars quickly. A few extra dollars a month on your tenant/renter’s policy today could mean big savings tomorrow should something happen to your apartment or other rented dwelling.
Making sure your possessions are protected is as easy as one phone call. If you have any questions about home insurance or contents insurance, the insurance experts at Mitchell & Whale would be pleased to help you. Feel free to call us at 1-800-731-2228 or email us at email@example.com.