Ever since the housing market crash, renting has become an increasingly popular option. Sure, people rented before, and the buying market is back on the rise today, but renting is still the choice for many, especially millennials.  

If you’re not sure where you’ll be living in the near future, you haven’t settled down into a career or marriage, or you simply don’t have the finances for a down payment and closing costs, there’s nothing wrong with renting the place you live. 

If you are renting, however, you should make sure your valuables are protected against unfortunate circumstances. All it takes is a fire, a burst pipe, theft, or some other catastrophe to deprive you of the things you hold dear. 

Items you probably can’t afford to replace out of pocket. Some might say “but my landlord has insurance”. Even if that’s true, it’s not enough. 

What Does Your Landlord’s Insurance Cover? 

Chances are, the person you’re renting from does indeed have insurance protecting the home or apartment. But this is for the building and their belongings, not yours. 

If the building is damaged, the interior is destroyed, or built in appliances are lost, their policy kicks in. 

However, that policy does not extend to your personal belongings. Many places will explicitly say this in your lease or renter’s contract. Others might not. Either way, to protect your assets, you need renter’s insurance. 

How Renter’s Insurance Works 

Renter’s insurance exists specifically to protect your items within the place you live. Your policy will list out a variety of factors that are covered. For example, fire or theft. If one of those events happens, and your items are lost or damaged, you’ll be compensated for them. 

Depending on your insurance plan, you may be reimbursed for the cost you originally paid, or it may extend only to the current, depreciated value. 

Beyond the Limits of Renter’s Insurance 

Even a quality renter’s insurance plan might not provide the full coverage you need. If you have expensive jewelry, rare collectable items, or other possessions worth a lot of money, you may need additional coverage to specifically cover them. 

The best way to ensure you’re properly protected is to speak with a trusted insurance agent. They can navigate you through the specifics of your plan to ensure you are properly insured. Using an agent doesn’t cost any more than going directly to an insurance company, and it makes things easier for you. 

At Link-Hellmuth, we work with the top renter’s insurance companies in Springfield, Ohio and beyond to make sure you get the best plan at the best price. Contact us today, and make sure your valuables are properly protected.