Renters insurance is one of the most commonly overlooked types of insurance, when if fact, it’s a necessity for anyone renting a home, duplex, townhome, condo, loft, studio or apartment. Many people don’t even give it a second thought though, because it’s not always required. A large portion of the population doesn’t even realize how important renters insurance is. Many people seem to think that, when they rent, their landlord’s insurance will cover their property. Unfortunately, this is not the case. If you’re robbed, or there is a fire, or some other damaging event, in which your property is destroyed, you will be completely out of luck if you don’t have renters insurance. The landlord’s insurance only covers the building itself. Make sure you protect your jewelry, TVs and other high valued items with a renters insurance policy. If you’re not covered you’re going to have to replace all of your property, out of pocket.
Another thing people commonly forget about is liability. Did you know that you are 100% liable if somebody comes over to your place of residence and hurts themself? If that person does not have health insurance, they can sue you to pay for their medical bills. All renters insurance policies include a liability portion that protects renters from this type of incident. The minimum coverage is usually around $100,000.
Right there I just gave you two great reasons to buy renters insurance; Your property is not covered, and you’re liable if somebody gets hurt, while under your roof. Here’s something else that most people don’t know about renters insurance: It’s one of the least expensive types of insurance out there. Most people can get a policy, to cover them, for around $15 a month. Some people can get coverage for $5 per month, while folks with lots of high valued items can pay as much as 40$ per month. If you live with roommates, split that two or three ways. There’s really no excuse not to have renters insurance. If you don’t have renters insurance now, you need to go out and get it, before it’s too late! You never know what could happen tomorrow. Anyone who has a renters insurance policy will tell you that the $15 a month is well worth the peace of mind you’ll get. On top of everything, if you bundle your renters insurance with your other insurance policies you can usually get additional discounts as well.