All Articles Tagged "renter’s insurance"
There’s an insurance policy for everything, but you don’t necessarily need it all. It can be hard to decipher which kinds are truly necessary versus ones that turn out to be more expensive than they are worth. Here is our list of insurance policies that we think you shouldn’t bat an eye towards and those that you should reconsider for a bit.
Note: We’re not suggesting that some policies are never useful. Just that you should think about your needs before shelling out the cash to purchasing one.
Let’s start with the insurance plans you need.
Luggage we check, packages we mail, new phones—just about everything comes with insurance so, you may be a little uncomfortable with this concept: sometimes, you don’t need it.
(Bankrate) — Renters may think that because they don’t own their homes they don’t need umbrella liability insurance, which provides coverage on top of other policies. In most cases, they would be wrong. Umbrella coverage, regardless of whether you’re a homeowner, can shield you from potential financial ruin. Such policies offer a minimum of $1 million of additional liability protection and cost just a few hundred dollars a year, says Frank N. Darras, an insurance attorney and founding partner of DarrasLaw, a law firm based in Ontario, Calif.
(Daily Finance) — Sometimes, mistaking a myth for a fact can be extremely costly. Take, for example, the myth that the only people who need to insure themselves against fires, floods or other disasters are homeowners. Everyone realizes that a property owner needs an insurance policy, but many renters overlook the fact that they, too, need coverage. “Some think that because the landlord has an umbrella policy, they don’t need additional coverage,” explains Susan Voss, president of the National Association of Insurance Commissioners, the organization of insurance regulators. “Then there are college students who believe their parents’ homeowners insurance covers their apartment.” “People somehow don’t think about renters insurance because their home is not a house that they own,” she says. They forget that while they may not own the building, they own the contents, and replacing them could be a major expense. Misconceptions about renters insurance can prove expensive when the unexpected happens. “A lot of the people in the recent tornadoes didn’t have renters insurance,” says Voss.