If you are a renting an apartment, condo or house, you should consider buying renters insurance. With premiums averaging $8-21 per month for $20,000 to $30,000 worth of coverage, they say, renters insurance is an affordable way to protect your personal belongings, such as electronics, furniture and clothing, against damage or theft.
Riders at an additional premium usually are needed to fully insure such things as jewelry firearms and collectibles. Premium expense can be reduced by choosing a higher deductible, like $500 instead of $250 or by asking if certain discounts are given for monitored fire or burglar alarms, fire extinguishers, deadbolts on exterior doors and insuring with one's car insurance provider. Do not expect to be paid for damages resulting from floods, earthquakes or sewer and water backup, and unless you have replacement value insurance, you may be compensated for less than what the item costs to replace.
This may be a no-brainer for most people, but it's amazing how many folks are confused by this.
Lisa Crump, Disaster Recovery Coordinator with the Missouri Department of Insurance, Financial Institutions and Professional Registration, is leading a group within the Joplin community to help educate citizens about
Homeowners go here.
Renters go here.