Contents Insurance For Tenants

Anyone who rents an apartment, home, or condo needs to have contents insurance for tenants. Don't assume that your landlords policy will cover your furniture or computer equipment because it won't.

The owner's insurance policy is designed to cover problems in the actual structure of the home and things that are built into the house.

If you're burglarized or your home floods you alone are responsible for the costs of replacing the contents of your home.

Before you decide you don't need contents insurance take an inventory of everything you have in your home.

This includes:

• Furniture
  

• Electronic equipment - televisions, computers, printers, telephones

• DVDs - It's easy to amass a large collection of CD's and DVD's and not realize how quickly the monetary value has risen.

• Kitchen items that aren't built in such as microwaves, toaster, coffee makers, can openers, dishes, pans, silverware

• Washer and dryer

• Jewelry and watches - If you have antique or heirloom jewelry have it appraised to find out the current value.

• Clothes, shoes, purses, coats and jackets

• Bedding, linens, and towels

• Books

• Art work and decorative items

• Collections - such as old baseball cards or record albums. You might need to have them appraised by a reputable dealer.
  

Now stop and think how much it would cost to replace each of these items. The amount will surprise you.

When you're pricing contents insurance be sure you get quotes for replacement value not just current value. You can choose whichever policy you prefer, but make sure you know which one you're choosing and understand the difference. The current value of a computer might not be very much, but the cost of replacing it is a different story.

There are some things such as old photographs that are not replaceable. But with today's technology you can scan copies onto CD's or USB drives and keep them in a safety deposit box with other valuables at a different location.

Make sure the insurance company you choose has been in business for awhile and has a good reputation handling customer claims in a timely and accurate manner.

Don't fall into the trap of thinking "Oh, I don't have much of value". When you add it all up you'll realize what a financial strain it would be to replace everything you own. Contents insurance for tenants is not that expensive to purchase and can save you from a financial hardship in the future.