Buying renter's insurance is an easy "yes" decision if you've got assets to protect. Most policies cost the equivalent of a few cups of coffee a week. A renter's policy can give you money to repair/replace damaged and stolen stuff, moving costs if your place becomes uninhabitable, and legal help if you get sued. You can add coverage for an earthquake or flood, and you'll be glad you did if a "big one" hits.
What to look for when shopping and comparing renter's policies?
- Replacement, not depreciated/Actual Cash Value coverage for your stuff.
- Adequate coverage for electronics, jewelry, home office equipment and other valuables. Watch for hidden coverage caps on those items.
- "Loss of use" or "Additional Living Expense" benefits that will cover moving expenses and temporary housing that's more expensive than your old rent.
When shopping for renter's insurance, be specifics that you don't want a policy that gives you too little time or money to find a replacement unit. This is especially important if you live in a rent-controlled or well-priced apartment in a tight and expensive market like New York or San Francisco. It can take quite awhile to find a place that's similar to what you had, and you want your insurance to cover you until you do.
If you've had a problem with "loss of use" coverage please email us at firstname.lastname@example.org.