Many of you either currently rent, or will rent property, at some point during your lifetime. One consideration often overlooked by someone who rents is renter's insurance. Many times, people will overlook renter's insurance because they either do not consider their personal property to have much value, or they feel that it is simply not worth the added expense.
Not only is renter's insurance relatively inexpensive, but people often overlook one of the benefits of a typical renter’s policy, the coverage for loss of use and/or additional living expenses. A renter’s insurance policy covers more than your personal items. Suppose for a moment that you have children, pets and/or no family or friends that live nearby. The property you are renting suddenly suffers major fire damage and is uninhabitable. Where would you go if you have children, pets and/or no family or friends nearby that can provide you with temporary shelter? Would you have the extra money put aside or saved to buy the necessities and food that you would have otherwise had in your own home?
Someone who had opted for renter's insurance would find that he/she would likely have coverage for these items, and an insurance company would assist him or her in finding a suitable temporary living arrangement that would include children and pets, or perhaps a kennel situation for pets, especially larger ones. The company would also provide reimbursement for reasonable out of pocket expenses for items such as necessities and food. Someone who did not opt for renter's insurance will more often than not find themselves on their own in trying to locate adequate living arrangements to meet their needs, alternate arrangements for pets, which often times results in people losing their pets, and incurring out of pocket expenses for necessities and food. And many times, these same people who decided against renter's insurance due to not being able to afford that additional expense, will not have the money in order to come up with these expenses on their own for an extended period of time, such as kennel costs for pets.
If you are currently renting and don’t have insurance, now may be the time to think about it. If you do have renters insurance, remember to update your coverage to correspond with any significant purchases or life changes. And don’t be afraid to file a claim, that’s why you have it.
Gesmonde, Pietrosimone & Sgrignari, L.L.C. is located in Hamden, CT and serves clients in and around North Haven, Hamden, Waterbury, Bethany, Milford, Wallingford, Prospect, Woodbridge, Northford, Madison, Beacon Falls, Branford, Cheshire, North Branford, East Haven, Naugatuck, Meriden, Ansonia and New Haven County.
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