Selasa, 18 Desember 2012

5 Myths and Realities About Renter's Insurance

Moving out from the family home where your parents live and into your first apartment is an exciting time. Living in your own apartment means that you can come and go as you please. You can also decorate your space as you see fit and live your life the way that you want.

While you are spending money on essentials like furniture, and non-essentials like wall decorations, you should set things aside for other important essentials. Insurance. Perhaps renters think that it is not necessary or that they'll never need it. Some renters think that their landlord's insurance plan will cover them.

The truth is that you will have invested thousands and thousands of dollars furnishing your apartment. If something were to happen, and all of your possessions were taken or destroyed, how would you replace them? You would have to dip into your savings account or go without essentials until you could save enough money to replace them.

An important coverage provided in a renter's insurance policy is Liability coverage. This coverage provides you protection in the event that you cause unintentional damage to the apartment or the building that you are renting. The building owner would most definitely want you to pay for the damage that was caused. This can be very expensive and certainly something that you would not have savings for.

There are other various myths that may cause you to neglect purchasing the necessary insurance coverage. Here are some of those myths and why believing them can be dangerous.

Myth 1: The chances of something happening is very small
While you may want to believe this, it is not necessarily true. Even apartments located in a very "safe" neighbourhood can get robbed. In addition, a fire can happen at any time and destroy all of your possessions. Even if you are very careful when cooking, smoking, or with open flame candles, fires can happen at any time, whether accidental or not.

While you shouldn't spend a lot of time worrying about things that could happen, you shouldn't also stress about the "what if's". No one ever plans for an accident to occur. That's why they're accidents. Just know that they are a possibility, and you should be prepare for unforeseen problems with renter's insurance.

Myth 2: My landlord's insurance policy will cover me
The fact is that your landlord's policy will cover the building or the place where you live. Your possessions will NOT be covered.

Myth 3: I don't really own a lot
Although you may think this, you probably own more than you are aware of. Even if you don't have a lot of person possessions, the price of replacing those items likely adds up very quickly. Survey your apartment to get an idea of how much it would cost to replace everything that you own.

Myth 4: Renter's insurance is very expensive
The truth is that a renter's insurance policy is very affordable. In most cases, your monthly premiums are well with your budget. Your costs will vary depending upon various factors; talk to an insurance broker for more information.

Myth 5: It will take a long time to get insurance
The truth is that in many cases, an insurance agent can write you a policy very quickly with a minimal amount of effort on your part. Policies can take effect on the day that they are written.

While no one can predict the future, it is easier to face the days ahead when you know that you are prepared. Purchasing a renter's insurance policy is one way to be prepared for your future, no matter what should happen.

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