But I Don't Have That Much Stuff

Even in the time of COVID-19, many students are looking to rent apartments as of August 1st.  And not just students, millions of people either choose not to own their own home, or have not been in the right situation in life to make that purchase.  So they rent.  And they collect stuff.  SO MUCH STUFF.  But what happens if there is a fire or some of other disaster that happens to the building they are occupying?  Who pays?  If there is no renter’s insurance in place, NO ONE PAYS.

Many people have the mistaken idea that their landlord has insurance coverage to pay for their stuff.  A typical landlord policy covers the structure of the building only.  If there are any contents, it is only for what the landlord owns, like laundry equipment in the basement, or their lawn mowers in the mechanical shed.  In order for renters to have any coverage, they have to purchase a renter’s policy.

You might be wondering how you come up with a value on your stuff?  It’s pretty scientific: it is the best guess you have when you look around, lol.  Make a list of the stuff that has accumulated:  electronic devices, furniture, clothing, décor, exercise equipment,  if you have a fire or theft, it would all add up quickly.  A common amount for a renter to put on contents is between $10,000-30,000.  And that written list?  It might come in handy later if you actually do have a loss.  Email it to yourself, and take some pictures or video and email that to yourself as well.  If you have any valuable items, they might need to be listed separately, we call that “scheduling.”

But what if you don’t think you have that much stuff?  There is more to a renter’s policy than just stuff.  What happens if you have friends over and one of them gets hurt?  It covers medical expenses for that, too.  What if they sue you for damages?  It covers that, too, including legal fees, up to the limits on your policy, so keep that in mind when determining what limit you want.  What if the building has a fire and you have to live somewhere else until it is fixed?  That’s part of the renter’s policy, too. Your landlord is not responsible for providing you an alternative place to live, or a hotel until you get settled somewhere else.

What if YOU are the one that falls asleep and your chicken and veggie stir fry is still on the stove, catches fire, and causes damage?  Yep, that is what a renter’s policy is for, too.  Unless you have personal savings to pay for the damage on your own……eeks!

A typical renter’s policy can set you back a couple hundred bucks, pretty cheap for all of the things that can go wrong that you would be responsible for.  Many complexes now require proof that their renters have a policy, but even if they don’t, it’s a smart move.  Let us help you craft a policy that fits your needs AND your pocketbook.  And we promise not to judge your extensive collection of BeeGees albums……