Do You Need Renter's Insurance For Earthquakes?Very few renters think about adding the expense of a renter’s insurance policy on top of their monthly expenses, but really they should. Few realize that the building owners or owners of the homes they are living in have only insured the structure they are living in, not any personal belongings that their renters have brought in with them. In the event of a natural disaster like an earthquake, a fire, or water or mold damage, they are on their own to replace any personal belongings if no earthquake insurance for renter’s has been purchased. Nobody likes to think about it, but accidents do happen. Your apartment building could get broken into; can you afford to replace your computer, plasma TV and other valuables that were stolen? Renter’s insurance after an earthquake can help cover costs if damage has been done to your car in the parking lot, or with personal possessions broken during the earthquake. Renter’s insurance will help in all of these situations. Providers coverage will vary state by state, and they usually cover natural hazards such as water damage from plumbing or appliance failure, hail, windstorms, frozen water pipes, or smoke damage. For a higher premium, most providers offer additional coverage for hazards not covered in their standard policies. This may include renter’s insurance for hurricanes, or earthquakes, and the seismic zone that you live in will also determine the type of coverage you will be offered. As with a homeowner’s policy, you need to inventory all of your personal property. Some of the items you may want to consider including are: v Cameras and camera equipment v CD’s & DVD’s, stereos, VCR’s and TV’s v All major appliances v Musical instruments v Furniture v Glassware and China v Books v Clothing v Collectibles, such as comic books, trading cards, stamps, and coins v Jewelry v Computers v Artwork There are many questions you should be prepared to ask your potential renter’s insurance provider. v Are there any limits placed on personal possessions? v Should you videotape or take pictures of any items? v What circumstances are covered for personal liability? v What sort of natural disasters is my location prone to, and in case of a natural disaster, how much am I covered for? v If your building was destroyed or damaged, would you be covered for interim housing Understanding the natural disasters, to which your location is prone, is going to help you get the renter’s insurance policy that is right for you. If you live in an area that is prone to earthquakes, obtaining additional renters insurance is crucial. |