While renters insurance is probably a good idea, unlike homeowners insurance, it’s usually optional. Renter’s insurance covers all the possessions physically in your household, such as clothes, electronics and jewelry.
As far as your insurance goes, it is important to read through your policy and see what levels of coverage are available and what potential liabilities there may be on objects you own. Guns, for instance, are not always covered, or are covered in a very limited way. Cash usually has very low coverage, which makes sense because it is hard to prove how much cash you actually had on hand. Study different policies from different companies and see what is right for you.
If you are considering renting out your old home, you may want to consider landlord insurance, which covers a broader base of things than basic homeowners insurance will cover. As far as your landlord covering your personal belongings – you are on your own. Landlords are only responsible for the building itself, not for its contents. If you’re worried about damage or theft, look into rental insurance. It is generally very affordable and well worth the money.
Another option you may not have considered goes beyond insurance, but may be a smart financial move. Have you considered purchasing a home in your new neighborhood? Depending on your credit score, prices in your area, income and how much you can put down, you may find the monthly payment comparable to a rental. Owning a second home may increase your net worth, as well as your monthly income. Once you move back to your old house, you can find tenants for the home you’re living in now.
If you want to explore this option, speak with Barbara or Linda at (508) 802-6477 today!