Moving With a Baby? Renters Insurance Can Ease Your Mind
If you’ve never purchased renters insurance before, moving to a new home with your baby may warrant it. In fact, many landlords require coverage for a rental. But even if it isn’t required, it can offer a sense of security to a busy parent trying to juggle all of the tasks of a move.
What is renters insurance?
Renters insurance is a policy that covers your possessions in the event that they’re damaged or stolen. Note that the coverage is for your belongings once it gets to your new place; this isn’t coverage for moving your belongings. While coverage details may vary, most of your items will be covered in case of a fire or theft.
How much coverage should I get?
Most renters insurance policies have a limit on what they’ll cover in loss: $10,000 to $100,000. If you don’t own too many things, you may be tempted to buy the cheapest option, but choosing a policy is something you should do carefully. Think about all of your possessions — from your furniture and electronics to that stamp collection you’ve held onto for years. What would it cost to replace them?
Will your agent ask you about the value of your baby gear? Perhaps not, shares mom Gina Denny. “Baby stuff was never specifically mentioned, but I included it in my tally since we have four kids and there were babies or toddlers in the house for more than a decade,” she says.
She also explains that even though her budget has changed over the years, she always purchased at least the minimum required by her landlord. When coming up with the number for coverage, she did a quick mental tally and then rounded up — baby items included.
How much is renters insurance?
The national average is $10-23 a month, but the following can affect the price:
- Type of residence
- Credit score
- Deductible amount
Does renters insurance cover items for my baby?
Those strollers and baby video monitors all add up! If you haven’t sat down and calculated what everything is worth, now is the time to do it. In addition to your baby gear, determine the value of diapers, clothing, and food, too. Remember, as your baby grows, their belongings will change, too. Be sure to revise your list of covered items regularly; coverage for a bassinet will eventually give way to your child’s first bike or computer.