Moving for a Job? Renters Insurance Can Set You at Ease
It can be exciting to move into an apartment and start a new job, but don’t forget to protect your personal belongings. Here’s how getting the right renters insurance coverage can be beneficial.
What is renters insurance?
Renters insurance covers the cost of replacing personal property that’s lost or damaged as a result of theft, vandalism, fire, or other incidents. In many cases, items are protected even when they aren’t physically inside your home.
For Adam K., renters insurance was indispensable following his last move. “One week after we moved to Florida, a leak sprouted in the apartment above ours and completely ruined my home office setup — including my computer!” he says. “Thankfully, our renters insurance covered the damage.”
There are other benefits as well. For example, many renter policies also cover the cost of temporary lodging should something happen to your apartment.
Keep in mind that in some instances renters insurance could also be mandatory — your landlord or property manager might make it a condition of renting. Read your lease or ask your landlord to be sure.
Understand what insurance covers
Similar to most insurance policies, you decide how much coverage you need based on the value of your personal property. According to Business Insider, the average renter pays about $15 a month for coverage.
Some companies don’t cover earthquakes, and most don’t provide flood protection, so depending upon where you live, you might want to supplement your policy with earthquake or flood coverage.
Make sure you’re properly covered
To find the right level of coverage, take inventory of your possessions. Once you know the value of your household items, compare policies. Talk to an insurance company representative about plans, including overall coverage and special coverage riders for precious or expensive items that will exceed the coverage you’d get from a standard policy.
You’ll also need to choose a deductible — the amount of money you pay before any coverage payout reimburses you for loss or damage.
Understand the implications of working from home
If you work from home, renters insurance might get a little more complicated. Because it’s intended to cover personal property, your company-issued laptop probably isn’t covered. The good news: Your employer’s policy probably covers it instead. Not sure? Ask.
And if you own a side business, any equipment likely isn’t covered by your renters insurance either. To be thoroughly protected, you’ll probably need a separate policy to cover those items.