Determine How Much Renters Coverage You Need

    Published: 06-16-2009
    Views: 9,194
    Wells Fargo financial expert Stephanie Chisolm discusses how much renter’s insurance you should have to keep your belongings covered.

    Stephanie Chisholm: Hi! I am Stephanie with Wells Fargo and Company. If something were to happen to your apartment or condo do you have enough money to replace your personal property like furniture, clothes, electronic, jewelry and other items? No one wants to spend money on something you don't really need.

    But the fact is that Renters Insurance could save you tens of thousands of dollars. When you consider what you could lose Renters Insurance is an extremely inexpensive way to protect your belongings.

    If you rent an apartment, condo, or home your landlord will have a policy to covers damage to the home but the Homeowners Policy does not protect your possession. Many landlords will require you to purchase a Renters Insurance so that you are aware that your possessions are not otherwise cover.

    Renters policies are available for as little as $12 per month and they provide coverage for your belongings and possession, plus most renters policies provides with Liability Coverage, which will protect you from major financial losses in the event that you accidentally harm someone or property. Liability Coverage is often a standard part of a Renters Insurance policy and can cover you for damages of up to $100,000 or more.

    It provides protection if you your family members or even your pets cause harm to a person, or damage someone else's property. In the event of an injury medical costs and add quickly, and it is possible to be on the wrong side of a lawsuit. The insurance company Covers Liability obligations as well as legal cost up to the policy limits.

    You're renters policy may also provide coverage of the personal property in your car, garage, or storage unit. For example, if your computer is stolen from your car the loss would likely be covered by your Renters Insurance.

    Renters Insurances provides a lot of protection for a small monthly cost.