Thank goodness for insurance! Am I right?
If you’re not so sure that I am, just think about it. In some of our most challenging times in life, insurance can really be the silver lining, the sigh of relief, that thing that makes us say, “well, that least I’ve got insurance.” When it seems things have fallen apart, insurance can be the very thing that picks up the pieces.
Thing is, even with its practical superhero status, there’s a lot some folks don’t know about what renters’ and homeowners’ insurance can do for you and why you should make sure you have it.
So, here’s what you should know…
Renter’s Insurance: Do You Really Need It?
The short answer is probably.
If you’re renting, you might assume your landlord’s policy covers you, but the truth is, their insurance covers the building – not your stuff.
If your upstairs neighbor leaves the tub running and it floods your apartment, your landlord might fix the floor—but your ruined laptop, clothes, or couch? That’s on you. Unless you have renter’s insurance.
And here’s the cool thing…It’s not just about “stuff”. Did you know, most renter’s policies come with personal liability coverage? This means, if something goes sideways and you’re held responsible, it can help cover costs no matter where you are!
For example, you’re playing golf, your shot slices hard right, and someone ends up with a trip to urgent care. Awkward! Good news is, with that personal liability coverage, your renter’s insurance might help pay for their medical bills—and protect you legally.
All likely for the cost of a dinner for two. Renter’s insurance is quite affordable! You’ll barely notice it—until you really need it.
Homeowners Insurance: Not Just for Big Problems
If you own a home, you probably already have homeowners’ insurance (most mortgage lenders require it). But how much do you really know about what’s covered?
At its core, homeowners’ insurance protects:
- Your house – If a storm, fire, or even a stray tree branch does major damage, the policy helps with repairs or rebuilding.
- What’s inside – Think furniture, appliances, clothes, electronics… even things you forgot you had.
- Other structures – Sheds, fences, garages are also usually covered.
- You – Just like with renters’ insurance, liability coverage helps if someone gets hurt on your property or if you accidentally injure someone away from home.
- Loss of use – If your house becomes unlivable for a while, your policy can help pay for hotel stays or short-term rentals.
People are often shocked to learn this coverage can extend beyond the home. Your insurance doesn’t just vanish when you leave the driveway—it often follows you wherever you go!
A Few Things Worth Noting
Not all policies are created equal. Some come with bells and whistles. Others… not so much. That’s why it’s a good idea to actually read your policy—or better yet, go over it with someone who knows the ins and outs aka your independent insurance agent.
- Know your limits. Your policy will only cover up to a certain amount. Make sure it’s enough.
- Understand your deductible. That’s what you pay before your insurance kicks in.
- Watch out for exclusions. Not everything is automatically covered (like floods or high-end jewelry), but you can usually add coverage if you need it.
So, What Now?
If you’re still reading this, you probably care enough to make sure you’re protected—and that’s a smart move.
The best next step? Talk to a real person who knows the ins and outs of insurance coverage, and can explain it to you in a way that doesn’t make your head spin. Independent insurance agents are here to serve you; not the insurance carriers. So, talk to your local insurance agent, and let them guide you to the coverage that fits YOU best.
