What People Are Saying
Thanks for making it easy to find the cheapest renters insurance. Knowing our stuff is always protected gives me peace of mind.
Matt and Bethany, Charleston SC
RETIREMENT RENTERS INSURANCE
Retirement renters insurance is a smart way to protect your pension if you are renting and nearing retirement. Although you are not required by law to have retirement renters insurance, this is something that all senior citizens should consider. After all, if life has taught you anything, it's that there are certain things that you simply cannot control - renters insurance can take care of the costs incurred in the event of a disaster, accident or other curve ball life throws your way.
Best Retirement Renters Insurance Deals
There are a lot of things to consider when gearing up for retirement. Do you want to keep the house you have lived in for most of your life or are you looking to downsize now that the kids have moved out and grown up? Do you want to remain in the same community as your family or are you looking for a change of pace as well as a change of scenery. Do you want to live in a specialized retirement community or are you looking for a small townhouse in the center of town? There is no right or wrong place to retire - it all depends on what you are looking for.
Many senior citizens will be living off their 401k plans. This is a retirement fund that allows senior citizens to enjoy the finer things in life even though they are not making an income anymore. This time of your life is meant to be relaxing. You should not have to worry about a mortgage or car repayments. You should not have to worry about dealing with the aftermaths of a disaster.
However, there are some disasters and accidents that we simply cannot control. If you are struck with a disaster and without renters insurance, then you not only be looking at the emotional and physical damage the disaster has caused, but also the financial damage as well. With retirement renters insurance, your insurance company will handle the financial aspects of any disaster so you can focus on the other aspects of coping.
Retirement renters insurance will not cost you more than $10 per month for complete coverage. The amount you pay each month will depend on what you include on your policy and what your limits are. If you have several antique collectibles or jewelry, then you might consider higher limits. However, in general, you can expect around $10 per month for a comprehensive retirement home rental insurance premium.
Retirement Renters Policy Options
There are three different types of retirement renters insurance, all of which are optional but important. Contents insurance will protect your moveable objects in the house, including furniture, jewelry, clothing and electronics in the event of any damage. Your renters insurance will pay to have your items repaired or replaced if they are damaged in any natural disaster, weather damage, theft, vandalism, water damage or electrical damage. Physical liability protection is another type of renters coverage and can take care of any medical costs incurred if someone, including yourself or your guests, are hurt inside your condo. Loss of use coverage is another option that will take care of any moving expenses incurred if your townhouse is unlivable due to any accident, emergency or disaster.
The amount of retirement renters insurance you want will depend on a number of things. If you do a lot of entertaining, have your grandchildren visiting or live in a condominium with hazards, then physical liability is an excellent thing to consider. While you may not be throwing student house parties like you were fifty years ago, it is still important to protect your loved ones when they are visiting. If you live in any sort of complex or community housing, such as a loft or apartment, then you need to not only consider the damages caused by weather and storm disasters, but also by the negligence of other tenants. Water damage, electrical damage and fires are more common in apartment and other complex homes than in individualized houses.
Where you choose to call home will also impact the amount of coverage you purchase. Are you living by the coast or inland? Is there a risk of snow, sleet or hail, or is there a greater chance of fire, tornadoes and hurricanes? Do you need to worry about the high crime rate, theft and vandalism in your town? Are you living on the fifth floor or the ground floor of an apartment? All of these questions should be considered when looking into retirement renters insurance.
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Regardless of where you live, it is important t protect yourself, your contents and your 401K plan in the event of any disaster or accident. You've worked hard for your money. So why risk your retirement funds by renting without retirement renters insurance?