Protecting Your Stuff

A little advance planning can keep you out of harm's way. Know what you have… and consider insurance that protects you from losses, such as fire or theft.
 

KNOW YOUR RISK
Your community's insurance probably covers only the building structure. Which means it's your loss if there's a fire or theft in your apartment. Even if an upstairs neighbor lets a tub overflow, sending water into your apartment… or there's a fire in the building, causing smoke and water damage to your belongings, the cost of replacing all your things is normally up to you.

YOUR THINGS ADD UP
Don't assume that your belongings aren't worth much. Most renters have over $20,000 of personal property. Take some time before your move to make stock of your belongings.

CHECK OUT RENTERS INSURANCE
· Typically costs less than $20 a month
· Reimburses you for covered losses, both at home or away from home
· Covers additional living expenses if you're forced to live elsewhere (due to an insured loss)
· Protects you from personal legal liability if someone is accidentally injured in your apartment (or somewhere else because of your actions)

BE AWARE! Without insurance, you may not be able to recover if a neighbor's problem causes fire or water damage in your apartment. Renters insurance is sometimes required and usually recommended by rental communities.