Renter's insurance is worth your money, and you may be able to get it for free, but there is one thing it doesn't cover: flooding and water damage, as many people learned in the wake of Hurricane Sandy.
One writer at Investor Junkie explained that Sandy dropped a bunch of water on a tenant renting an apartment from him, and while she had renter's insurance, her losses weren't covered because they were due to a flood. Even worse, he didn't have flood insurance either, so he'll have to pay to clean up the mess.
If you rent an apartment, especially in a storm or flood-prone area, or a basement apartment in a city, and you have renter's insurance, you're already doing a lot correctly, but if your basement has a history of flooding or even you're worried the next big storm might come through and dump a foot of water on your floor, you need flood insurance as well. It's a painful lesson that many people?especially in the wake of Hurricane Sandy?have learned already, but it's worth emphasizing.
Renter's Insurance Doesn't Cover Floods | Five Cent Nickel
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