The Importance of Home & Renters Insurance
January 2nd, 2009|
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Think about your home and all of the things that you love about it, now think about all of the things in the home that you use and cannot do without. What were to happen if there was a fire and all of that went up in smoke? Without insurance you would be lost.
Insurance can help you to replace the things that you have lost due to a natural disaster, fire, flood, or even theft. If you are buying a home you are required to have home owners insurance. If you are a renter many landlords do require it, but even if they do not you should have it, as their insurance does not cover your property.
You should have your property insured for replacement value. In the case of your home that should be what the cost would be to rebuild your home. As for contents for both renters and owners that should be what it would cost to replace the items in your home such as furnishings and appliances. If you have collections of fine art, jewelry or other collectibles you should have them itemized and have appraisals or receipts for these items.
Do not leave things to chance whether you are a home renter or a home owner. Be prepared for the unexpected. You can help to lower insurance rates by having an alarm system, updated windows and doors with good locks. Having smoke detectors and fire extinguishers also is a help. Insure for the price to rebuild your home and replace its contents.
Often if you have one insurance company to cover all of your needs such as Auto, Home and Life, you can get a bigger discount. Be sure to shop around. Make sure to get appraisals and keep receipts for all purchases you make so that they can be presented to the insurance company. These should be kept in a fire-proof lock box or safe.
With a good insurance plan you may not be able to get back the things that you lost, but you can replace them with things that can be used in their place such as new furniture, clothing, appliances, and computers for instance. You cannot replace your sentimental attachments to things and that is sad. Pictures should be backed up onto disk and put in the fire proof safe, as well as family heirlooms. Insurance cannot save these, but it can help you to start over if you ever need to.
