Reasons You Need Renter’s Insurance  

Smiling happy couple holding a little house on their handsRenters insurance works like your own personal safety net. It can help you save on big expenses — and help you from dealing with a lot of headaches. Yet, a lot of renters skip getting a renter’s insurance policy because they just assume they don’t need one. It doesn’t matter if you are a first time renter or you have rented for decades, everyone needs renters insurance.

Landlord Insurance Policies Don’t Cover Everything

Most renters just assume that the policies their landlords have will cover everything. But just because the landlord owns the building doesn’t mean their insurance policy covers your belongings inside the apartment. Yes, their policies often cover the building and damage to that building — but not your personal items inside that building. So, if disaster strikes you might not have to pay for the repairs, but you’ll pay to replace everything you owned.

Renters Insurance Covers a Lot

Renters insurance gives you blanket coverage in a lot of situations — including fire, robbery, vandalism, etc. While some policies exclude things like earthquakes and floods, others do include them. You’ll want a plan that covers all of your bases — including negligent damages from a neighbor — so that you don’t have to pay for any repairs or replacements.

Fires Are Common in Apartments

While the entire building might not go down in flames, fires are more common in apartment buildings than in homes. That is because you have multiple tenants cooking and doing other activities that could result in a fire. If a neighbor accidentally sets the wall you share on fire, it could destroy the room adjacent to them — and if you don’t have renters insurance, you’ll still have to pay to replace your items.

Renters Insurance Covers Other Stuff Too

Depending on your policy, your renters insurance could also cover hotel costs while your apartment is being repaired, might cover items in your car if they’re stolen, etc. A good renter’s insurance policy protects you in multiple situations — and limits how much you have to pay out of pocket.

It’s Cheap

Renters insurance is exceptionally cheap. In fact, most renters don’t even pay more than $10 per month for their policy, but they’re 100 percent covered.

If you have been avoiding renters insurance, now is the time to reconsider. It’s affordable and when you consider how much you would pay out of pocket to replace your items, a few bucks per month is well worth the investment.

May 2014