Moving can be a hassle. While you’re busy packing and unpacking, it can be difficult to think of the legalities of the moving process. Before you sign any lease, do some research and find a good Renter’s Insurance plan for you and your family. I know it’s one more thing to remember, but it doesn’t take much time and it’s an important one. The best news is that it doesn’t cost as much as you might think.

1. Why Is It Important?

Most landlords and apartment complexes only have insurance that covers the physical building. Everything you own inside the building doesn’t fall under that umbrella. The unexpected happens all the time–from fires, to snow, even theft–you never know what could happen. Think about how much all of your clothes, electronics, furniture, etc. would cost to replace at full value. Suddenly, a few dollars a month for insurance doesn’t seem so bad.  

Accidents happen all the time, and there’s no way to anticipate what you don’t know. Whether it’s a fault of your own, or an act of God, you need to have coverage. Renter’s insurance not only covers you and your personal belongings, but those of your neighbors if your accidents affect others. What happens if you leave a pot of grease on the stove too long, causing a grease fire? Once the fire is out, you not only have damage in your apartment, but the smoke and fire could have damaged the belongings of the person above you. With renters insurance, you’d be covered, saving you hundred or thousands from replacing your neighbors’ things.

2. What Coverage Do I Need?

• Personal Property: If you experience loss of property from an act of your own or nature. Fire, smoke damage, ice, hail, and other natural events can cause a significant amount of damage to your property.
• You can tailor your protection plan to what you need. Usually the more coverage you have, the higher the price. Plans can cover natural events from windstorms, hail, fire, lightning, and more. Typically, insurance does not cover damages from war, nuclear hazards, intentional destruction of property, and government seizure of property. Another factor to consider is your roommate. If you have a roommate, insurance does not cover them. You can add them to your insurance plan, but experts don’t recommend it, because it can greatly increase your cost for coverage and give you less protection.
• Extra Layer of Protection: The unexpected can happen from social events as well. Certain plans can cover other instances of things like vandalism, rioting, break-ins, and other issues from theft.

3. Where Do I Go To Get Covered?

According to Clark Howard, StateFarm does the majority of coverage with Renter’s Insurance. Of course, it’s always best to get multiple quotes from several different providers. We also suggest that you shop on your own rather than going through an apartment complex. You’ll generally see better rates that way. On average, Renter’s Insurance costs about $200/year for basic coverage. If you have a trusted Insurance Agent, you can contact them, or you can do your own searching online for the best quotes.

You own so many things that are valuable, monetarily and sentimentally. Landlords have insurance to protect the building, and as a renter, you should have insurance to protect yourself. The unexpected is always around the corner. Make sure that you safeguard you and your family from a devastating financial blow by covering yourselves with an affordable Renter’s Insurance plan!