Renting a Home
Whether you're renting a small apartment or a mansion on a hill, you need to make sure you're properly insured. You should make sure you have adequate renters and disability insurance.
Renters insurance is often one of the most overlooked types of insurance and it's also one of the most affordable. Less than fifty-percent of all persons renting homes in the U.S. have renters insurance.
First and foremost, renters insurance protects your personal property, but many policies also have liability coverage. The amount of personal property coverage you should obtain is based on the value of possessions such as your TV, stereo, furniture, clothing and jewelry. If you do not have many personal belongings of value then you may not need this coverage. Also, your landlord may have homeowners or condominium insurance coverage; but it might not cover liability if someone is injured in your home. For this reason, it is important to have personal liability coverage included in your renters insurance policy. A basic policy will provide about $100,000 of liability protection that can be increased for an additional charge.
Disability insurance is one of the most important types of insurance because it protects your most valuable asset, your future earnings ability. Over your life you will earn hundreds of thousands of dollars unless you become disabled. Because you are responsible for making monthly rent payments, you need to make sure your protected in the event that you become disabled and have a loss of income. A good long-term disability policy will provide you with a sufficient income stream in the case that you are disabled. Check to see if you have adequate coverage through work, and if not, contact an agent to obtain an individual policy.