FAQ: Do I Really Need Renter’s Insurance?

Here is an excerpt from a new blog post at GreggMarcus.com:

A fire can destroy an apartment in only minutes. A tornado can destroy one in just seconds. These scenarios or even a robbery in your apartment can end up costing you thousands of dollars in order to replace all of your personal belongings. Think you don’t have enough property to justify the expense of your own insurance? The value of your belongings may shock you. “Your sporting goods, electronics, computers, clothes and furnishings may be worth more than you realize,” says Gregg S. Marcus, a Long Island Insurance Executive . “It is wise to check into renter’s insurance before an unexpected event like this happens.”

Your landlord's insurance policy covers damage to the building structure and the landlord's property from a fire, storm or theft, but this policy will not cover your property or liability. Renters insurance (also known as a HO4 policy) covers you against specific types of losses – such as damage from lightning, fire, storms, vandalism or theft – so that you can replace or repair your property in the event of an incident. If you had to pay out of pocket to replace items such as laptops, televisions, clothing and other expensive possessions, this could cost upwards of $20,000.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.