While you are getting ready for taxes, maybe it is a good time address all kinds of financial decisions. Having renter's insurance can be very helpful if there is ever a disaster in your apartment in Roanoke, VA. Here are a few basics about the benefits of purchasing renters insurance.
It’s affordable - The National Association of Insurance Commissioners estimates the average cost of renter’s insurance between $15 and $30 per month, or about $200 to $350 annually.
But you may want to pay more - Many policies don’t cover damage caused by natural disasters, such as floods or tornadoes. When you’re shopping for a policy, see what conditions might be excluded. You might choose to pay more to add additional coverage. You may also want to pay more to ensure your expenses are covered if you had to move out of your apartment while repairs were being made.
Your landlord’s insurance isn’t enough - Any insurance held by the company owning your apartment community will cover the building itself, not the possessions within it. So if something happens to your apartment, you won’t be able to make a claim for your damaged goods if you don’t have your own policy.
Be sure you are covered when not at your apartment - Depending on your policy, you might be able to make a claim if insurance-covered items get stolen out of your car. If this is the type of protection you want, be sure you have it when shopping for renter’s insurance.
All your possessions will be insured together - Instead of listing individual items, you’ll be insured for a lump sum. Because of this, it may be a good idea to update the value insured on your policy when you make significant new purchases. For a higher premium, you may also be able to choose insurance which covers actual replacement cost. Consider this option based on the potential cost of replacing your most expensive and valuable possessions.
Renter’s insurance covers more than just your belongings - If someone trips and falls in your apartment, renter’s insurance will provide coverage of your potential liability. Even if you don’t have much stuff to insure, liability coverage may be reason enough to consider renter’s insurance.