This is a must read for all renters. Catch all the info from Forbes.com
Maggie McGrath has all the details & she has added a checklist too!
If you were at risk of losing $5,000, $10,000 or even $15,000 and could do something to stop it, would you? Would you sit by and twiddle your thumbs, or would you leap into action and do something to protect your stash?
The answer is a no-brainer: you’d leap into action.
Yet according to a new study, more than half of adults ages 23 to 29 years old who rent their homes haven’t bothered to take out renters insurance, putting all their stuff (and add it all up, you’ve got a lot of stuff) at risk.
Just as homeowners buy homeowner’s insurance to cover their home and belongings, renters can and should get renter’s insurance to do the same thing. A renter’s policy will cover your personal possessions (clothes, electronics, furniture, etc.) if they’re stolen and will pay to repair or replace them if there’s a fire, burst pipe or other unfortunate event. Renter’s policies can also pay for you to rent a new home or stay in a hotel in if you are displaced by a fire or other natural disaster — coverage that most policies refer to as “loss of use.”