Renter's insurance coverage is dirt cheap. If you're currently renting, take care of this today! There's no excuse for not having this in place before you go to bed tonight!
Renter's insurance, sometimes called "contents insurance," covers the stuff you own inside an apartment or other living space you don't own.
A lot of renters just assume that if the building burns down, the apartment or landlord's insurance will cover their belongings as well. It doesn't. Say you're renting a house. If the house burns down—taking all your stuff with it—the landlord's insurance will pay to rebuild the house. It covers the landlord's losses, not yours. Your stuff is your responsibility.
This actually happened to me once. One of my rental properties burned down, and I will never forget the conversation I had with the young family who lived there. They had just lost everything. They were devastated. And they looked up at me and asked, "When will we get the insurance check to replace all of our stuff?" Telling them that my landlord's policy didn't cover any of their belongings was one of the worst conversations of my life. They were crushed, but they hadn't planned ahead and didn't have a renter's policy in place. It broke my heart, but there was nothing I could do.
I'll say it again: If you're currently renting, make sure you have renter's insurance in place today!
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