The Importance of Renter's Insurance

Last week a long-time client contacted me to let me know there had been a fire in her rental home.  This fire destroyed most of the inside of the house and almost all of her family’s belongings. They are now living in a hotel. After talking through the things she would need to do to resettle her family, she relayed to me what the insurance adjuster had said.He told her he had never seen someone with full renter’s insurance coverage and that almost everything she lost would be replaced! She told him he must not have ever worked with someone who had a financial advisor.

It had been so long ago that I had her buy renters insurance; that I did not even remember my recommendations.  She reminded me that I had counseled her to buy more than the minimum insurance coverage, even though it was more expensive. Her gratitude reminded me of why I am a planner.

Please take this lesson to heart and don’t skimp when buying protection for your family.