State Farm Renters Insurance
Many people who rent homes or apartments are under the erroneous impression that the homeowner’s insurance policy the landlord has will cover their belongings in the event of a fire, burglary, weather disaster or any other unfortunate event that results in property loss or damage. Unfortunately, this is not true and can wind up costing a renter a lot of money should something happen while they are not covered under a renter’s insurance policy. The good news is that State Farm offers a very good renters insurance policy.
What Does the Policy Cover?
State Farm renters insurance covers everything contained within your apt or home. Basically the way it works is that State Farm offers full replacement of anything of value that is lost or damaged in your home due to an unfortunate situation, whether it is weather related or the result of theft or vandalism. State Farm renters insurance also covers things like any law suit that may be filed against the renter as a result of someone becoming injured while in the house or apartment. There is also a specific amount of coverage for alternative living arrangements while the house or apartment is being repaired after an incident which causes the tenant to be displaced. One very good thing about the renters insurance policy through State Farm is that they will actually replace any belongings, including clothing, computers, electronics, jewelry and much more at its current value, rather than the depreciated value.
How to Assess How Much Renters Insurance is Needed
Obviously, this is going to depend on the amount of property and the accumulative value of everything. In order to determine how much renters insurance is needed a person should make a full inventory of everything he/she has contained within the apartment or house. The tenant should make sure that nothing is left out of that inventory as everything will cost money to replace should something happen. This means taking an inventory on everything from kitchen utensils to big screen TVs and everything in between. Once a total amount of monetary value is added up from the inventory then a person will be able to see just how much coverage he/she will need.
Is Renters Insurance Really Necessary?
This is a question many renters ask themselves when trying to decide whether or not they want the expense of a renters’ insurance policy. Most people do not really know how much the things they have would cost to replace and may be amazed to know that the average renter has at least $25,000 dollars worth of belongings! That is a lot of money if those things had to be replaced after an event which caused some or all of it to be lost. For this reason it is highly recommended for renters to take out a policy. In addition, renters insurance is usually no more expensive than a couple of pizza and a trip to the movies each month. Additional discounts apply for those who have auto insurance polices so that an even larger savings may be realized.
Insurance in general is important, whether it be health insurance or car insurance. However, when it comes to something like the contents of your home or apartment it is crucial to be sure that you are covered under a good plan such as the one offered by State Farm. There just seems to be no valid excuse to keep your belongings in a place in which they are unprotected when there are inexpensive renters insurance policies that are very affordable and easy to get.