Cool Thing of the Week

My cool thing of the week isn't actually a thing, it's more of a concept. This week I think renter's insurance is cool. If you rent a home or apartment, getting renter's insurance may not be anything you've considered. Sure, your landlord has insurance on your dwelling, but guess what..that doesn't help you any!

Your landlord's policy does not cover your personal property at all. You could lose your personal property in a fire, burglary or a severe storm. Without renter's insurance, your personal property wouldn't be replaced and you'd be liable for anyone who is injured inside your home.

I know, you're probably thinking "But I don't have any Picasso's or fur coats or a porcelain clown collection valuable enough to worry about." Still, make a list of everything in your house that you like, use, need and wouldn't want destroyed. You'll be surprised at what would be costly to replace: Clothing, furniture, a TV, computer, iPod, sports equipment or jewelry.

You might think that your furniture and TV are so lousy that you wouldn't care if they got destroyed, but if you had no insurance, you still have to pay out of pocket if you ever want to sit on something other than the floor and have a TV on which to watch Antiques Roadshow or Jersey Shore again.

The cost of renter's insurance is so low it just doesn't make sense not to have it, especially given the natural disasters that plague this area. When my husband and I rented a home about 8 years ago the cost of the renter's policy was about $15 a month, but our auto insurance was so thrilled that we had a renter's policy that we got a deduction on our premium which equaled to the renter's insurance not costing us a thing. Sweet!

When shopping for renter's insurance, be sure you're covered for these "named perils," as they're called in the insurance world: Fire or lightning, windstorm, smoke, vandalism or malicious mischief, theft, and accidental discharge of water, among other common loss types.

Earthquake protection costs extra, but in my opinion, is a cost worth incurring. Flood coverage may also be an additional expense, but that's a question an insurance agent would have to answer.

There are several options in what you want to cover, what liability limits you need and what you want your deductible to be. Why not give an insurance agent a call today to learn more?

It helps to take photos and keep a list of your belongings so they can be easily replaced after a disaster. Just be sure to store them someplace else!