Renters sometimes overlook the need for insurance based on the belief that they may not have a significant amount of personal possessions, or because the property is already insured by the owner.

Sony employees must note how while it is true that a rental property is insured by the owner, the destruction or loss of your personal belongings is not. But, that’s not the only risk renters need to worry about.

The typical renter’s insurance policy can cover your possessions against losses arising from fire, smoke, lightning, theft, vandalism, explosion, wind storm and water damage (excluding floods).

If you are employed at Sony, even if you don’t believe that the value of your personal possessions warrants insurance protection (though you may think differently after an inventory of their value), renter’s insurance covers other potential risks that can adversely impact your finances.

Sony employees must note that renter’s insurance is designed to cover damages and costs in the event that visitors are injured in your apartment or elsewhere by you, your pet, or a family member living with you. This includes any legal defense expenses if you are taken to court.

A renter’s policy may also cover additional living expenses should you be unable to live in your apartment due to a covered peril, such as fire, though the policy may set limits on how much you will be reimbursed.

Sony employees should make sure to know whether a policy insures for actual cash value (pays to replace your possessions after reducing for depreciation) or for replacement cost (which pays the actual cost of replacing items, up to policy limits). In most cases, replacement cost coverage is the smarter option.

If you are employed at Sony and have any possessions of particularly high value such as art or jewelry, you may want to add a floater to the standard renter’s insurance policy.

If you are living with a roommate or domestic partner, you should inquire how the policy is expected to cover both parties as state regulations and insurance policies may vary.

Renter’s insurance is usually quite inexpensive, so if you are unsure whether to purchase a renter’s policy, talk to an insurance agent and obtain a quote. The low cost of protection may make a smart decision easier.

Before finalizing any estate plan, it is worth examining how Sony's employer-sponsored benefits fit into the broader picture. According to publicly available information, Sony does not maintain a traditional defined benefit pension plan, making your 401(k) plan and personal savings the primary vehicles for retirement income. Sony does not appear to offer a formal retiree healthcare program, so healthcare coverage planning before Medicare eligibility at age 65 is an important consideration. We encourage you to review your Summary Plan Description (SPD) or speak with Sony's HR or benefits team for the most current details.