Last Thursday one of our single family homes caught fire and burned to the ground. The house is a total loss. We are fortunate and thankful that the residents were able to get out of the home safely.
In dealing with the residents and getting them settled into a new home, we find that they did not have renter's insurance. We had to explain that the owner's policy would not cover any of their personal belongings. My heart was breaking for this young couple as they had just lost everything. Having a fire on one of the properties I manage has always been my biggest fear, so I thought I would write about the importance of having renters insurance and why everyone needs it.
1. Renter's insurance is affordable. Check with your insurance agency on the types of coverage you need for your personal belongings. Most often you can get coverage under $200 per year and that is very economical.
2. Renters insurance covers YOUR belongings - Some renters opt to not purchase a policy as they don't feel they have enough blongings to justify the expense. Yon need to think about this in a different way because if you had to go out and shop for all new clothing, jewelry, guns, electronics, furniture, towels, dishes, clothing, shoes, essential needs, etc. that shopping trip will add up quickly.
3. Some of our Property Owner's Require it. We manage for many different owners, and some of our clients REQUIRE renters insurance on all leases.
4. Renters Insurance may cover additional living expenses should your home become uninhabitable due to fire, flood, etc.
5. Renters Insurance covers your personal belongings whether they are in the home, your car, or with you. This is especially important to understand that you are covered even when on vacation.
6. It provides liability coverage in case of an accident on the property. This type of coverage covers someone who gets hurt on the property or if you accidentally hurt someone while they are on the property.
While the rental home you have chosen seems to be in excellent condition and you are proud to call it HOME, disaster can strike. Renters Insurance will cover you from Theft, Fire, Flood, Water damage, personal injury. You will need to contact an insurance specialist to get the right coverage, but listen to me people....it is worth the expense. You don't want to be left staring at a pile of ashes and wondering if it was worth approximately $20 per month savings. 
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