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Do You Really Need Renters Insurance? Three Questions to Ask Before You Decide

Few homeowners consider living without the protection of a homeowners insurance policy. Most mortgage companies require it, and no one wants to pay cash for major home repairs. Renters, on the other hand, do not usually have this same obligation. Property managers in Brighton may recommend a renters insurance policy even if they don’t require it. If you’ve been debating whether or not to purchase renters insurance, ask yourself these three questions before you decide.

 

What’s Your Stuff Worth?
Some people avoid buying a renters insurance policy because they don’t think they own anything valuable. It’s true that you won’t have to cover major costs like repairing structural damage caused by a natural disaster. As a renter, you’re only responsible for your personal belongings, but they may be worth more than you realize.

 

Create an inventory of everything you own. Include clothing, shoes, jewelry, furniture, electronics and sports equipment. Then find out how much you would have to pay to replace each item on the list. That’s exactly what you have to do if you don’t have renters insurance and lose it all in an unexpected incident.

 

How Much Money Do You Have on Hand?
If you have enough money on hand to cover the cost of replacing your personal belongings, you may not need an insurance policy. You can self-insure your property and pay yourself the premium that would go to the insurance company. This protects you against loss and may save you money, especially if you keep the money in an account that earns interest.

 

Then again, just having cash available in an account may not provide enough protection. This is especially true if you use the money to cover any unexpected expense. A single car repair or medical bill can wipe out your savings, leaving you with nothing. You also may not want to drain your savings in the wake of a burglary or accident when you’re already feeling vulnerable.

 

How Much Coverage Do You Need?
Renters insurance policies often cover more than your personal property. Some policies also offer personal liability protection and pay for medical and living expenses that occur as the result of an accident. The peace of mind you get from having this additional layer of protection may be worth the price of the premium even if you have money set aside to replace your personal belongings.

 

Imagine, for example, that a tree falls on your home and damages the roof. Your landlord is responsible for taking care of this repair, but it may require you to leave the premises during construction. Your renters insurance policy may cover the cost of your hotel room while you’re displaced.

 

If you’re looking for a rental in the greater Denver area, don’t take any chances. Let the professionals at Woodruff Property Management help you find your next home. Speak to one of our property managers in Brighton today about our available properties and find a home that meets your needs.