CYA (Cover Your Assets)


Image courtesy of renjith krishnan /

When it comes to personal belongings, many renters may tend to think, “I don’t really have anything worth covering.” But how would you feel if you suddenly lost all of your material possessions to, for example, a fire or theft? Unexpected things happen every day. Consider the cost of replacing all of your furniture, electronics, clothing, jewelry and other high valued items. By comparison, you may want to consider the cost of monthly renters insurance.


Seven things to know about renters insurance:

  1. If you choose “Replacement Cost Value” insurance, your coverage would replace your belongings at today’s market cost in the event of damage, disaster or theft. If you choose “Actual Cost Value” insurance, your insurance company would use a depreciated amount to replace your belongings. Insurance types vary from company to company.
  2. Coverage typically costs as little as $12-$15 per month.
  3. You can bundle the cost with auto insurance to possibly save even more money.
  4. Renters insurance can cover personal liability insurance as well. Consider this situation: your friend is visiting and slips on a wet floor, falls and breaks their ankle; you could be found liable but your renters insurance could cover the cost of resolving claims or defending lawsuits against yourself.
  5. Many owners and landlords are now requiring new tenants to obtain renters insurance and provide proof. You also have the option to add coverage for things such as Identity Theft, or water damage – be sure to ask specifics on these before signing up. Water damage would be covered if renting a space in a lower level and a situation arises such as a sump pump backing up. However if there is a flood, this situation would not be covered.
  6. Typically insurance companies do not cover belongings in a storage unit, however some of them do. Ask around and find out in which areas you could be covered. Some insurance companies are picky about WHERE the storage is located and others would cover your assets anywhere in the world.
  7. Research – check online, shop around, and ask what specifically is covered. Ask about situations you might not ordinarily think of until it happens to you – maybe you are traveling abroad and your Smartphone is stolen; that is something that could be replaced under the right plan.

Want to learn more? Attend a free Ready to Rent class on April 9 or 17 at Siouxland Health and Human Services. Are you currently renting but thinking of purchasing a home? Attend our FREE First Time Homebuyer Express class on April 15th at Prairie West Library! For more information visit our website at or call 1-888-258-2227.

By: Rachel Malloy

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: