Just as with car insurance, check with your state-side company and see if they offer coverage here. Many do not. Larger firms sometimes do, but the time to find out isn’t after you need to make a claim. There are many local companies here on Guam that offer insurance at reasonable rates, and you really shouldn’t be without insurance here.
Renters Insurance, sometimes called property insurance, covers the contents of your home. Even if you’re a homeowner, having insurance to protect the investment of your personal property is the only wise choice.
The owner or landlord is responsible for the structure of the building , but in the event of a burglary, typhoon, or some other disaster, the loss of your personal property is up to you to protect yourself from. The owners insurance won’t cover you if your rental property is burglarized, if a coconut smashes thru your living room window in typhoon strength winds, and all your property is damaged by water. Insurance is the way to go. The only way.
It was once put to me like this: “take your house, dump it upside down. Whatever falls out, that’s how much insurance you need. How much does everything cost that falls out?” If you take a minute just to add up the actual cost of everything in your home, even if you only have a small apartment, you’ll be quite surprised at the amount. Do it for just one drawer and see for yourself. Even your “sock drawer” is worth $50 isn’t it?
Everyone has seen unfortunate people on television that “lost everything” in a storm, a fire, a flood, or whatever. Maybe they’re insured, maybe not. Either way, replacing all the contents of your home, that you paid hard earned money for, is going to be painful and time consuming. Don’t let it empty your bank account too. Insurance the best choice for you and your family.
And the best news is that renter’s insurance is pretty inexpensive. Around $300 per year for up to $40k in coverage. This of course varies by your location, your insurance company, and many other factors. We’re not giving insurance advice here, we’re just suggesting you get it.
Shop around for the best prices, but remember, you get what you pay for in most cases.