If you do not, or never have, owned a home, the last thing on your mind is probably renters insurance. Not surprisingly, most people who rent apartments, condos, or houses do not have renters insurance. A common misunderstanding about renters insurance is that because your landlord has insurance on the building you are in turn insured. However, your landlord’s insurance policy only covers the building and does not cover your personal property. The second misconception about renters insurance is many people believe that renters insurance is not necessary if natural disasters pose no real threat to where you live, but renters insurance goes beyond just natural disasters. Here are the reasons why you should start thinking about renters insurance.
So you don’t live anywhere near where natural disasters are a big threat. Strong winds? Hail? Lightening? Even if these things are un-likely there is always a possibility of a fire and having renters insurance will cover your losses. It is important to keep in mind also, that floods and earthquakes are not usually covered under renters insurance and if you are in risk of either, make sure to consult with your agent.
You really never know when the unexpected will happen; hence unexpected. But having renters insurance will ease your mind if any of those unexpected events target your home. The idea of a plane crashing into your house, a car driving through your front window, or an asteroid crashing through your roof may seem unlikely, but you never know what could happen. Having renters insurance will cover your possessions anywhere from civil unrest, water pipes breaking, electrical surge frying electronics or a caved in roof due to an ungodly amount of snow! Another great thing about renters insurance is that it covers items that you may take out of the home, such as an Ipad or Laptop, and if those things are stolen outside of your home, your insurance will help you replace it.
Another major reason to get renters insurance is to be protected from possible vandalism or robbery. This is especially important for renters that reside in cities. If anyone was to break in, steal, or vandalize your belongings, having renters insurance can help ease the pain knowing that your things are covered under your policy.
The last great thing about renters insurance that you need to know about is that if at any time your house is unlivable due to construction or major repair, your renters insurance will cover the expense of living until you can return to your home. It is important however before choosing an insurance plan to make sure that your policy will grant you enough coverage to sustain your living needs while you are out of your house. Not all insurance policies are the same, so be sure to go over everything that is covered before purchasing your plan.
Capstone Mortgage can help you with home loans and VA home loans. Capstone Mortgage is all about flexibility and tailoring lending programs for home buyers as well as investors.