Homeowner’s and renter’s insurance covers loss due to theft, fire, water or wind/hail damage. Most insurance includes coverage of loss to you or others.
Although most landlords do not require renter’s insurance, renters have the responsibility for the replace their own belongings if no coverage exists. Additionally, a renter may have to pay damages done to others.
Even though selecting insurance coverage has seemingly become as easy as the click of a button, this is a critical component of a solid financial plan. Cost should not be the only consideration and we suggest consulting a professional to help guide you through the process. Some professionals offer free consultations to identify risks and needs, and set the foundation for what you want to accomplish for you and your family.