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Did you know?
On average, renters insurance costs about 50 cents a day?
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The Benefits of Renters Insurance:
When renting a unit, it is important to remember that the landlord carries
insurance only on the building. Anything inside the building is up to you
to get insured.
Renters insurance will cover your losses due to natural disasters. These can
include hail, fire, strong winds, or lightening. Floods and earthquakes are not
typically covered with renters insurance, so be sure to check with your agent.
Renters insurance also helps when unexpected scenarios happen such as smoke
from a neighbor's fire, water pipes breaking, a riot, or the hot water heater
exploding. These scenarios are not pleasant, but having renters insurance makes
it easier to deal with. If someone breaks in to your home or vandalizes it, renters
insurance will cover the damage.
Renters insurance will also cover expenses you may have in the event you are
unable to stay in your home due to the residence being repaired or rebuilt.
The insurance policy may limit the amount of coverage for this, so be sure to
check with your agent when purchasing renters insurance.
Renters insurance will also help protect you from liability. For example, if
your tub overflows and seeps through the flooring into the unit below, the
insurance will cover the expense to repair the damage. If damage to another
residence occurs due to an accident or negligence from you, renters insurance
will cover the costs. Renters insurance will also help protect you if something
happens in your residence. For example, if someone falls and needs stitches,
your renters insurance will cover the treatment costs.
Renters insurance usually does not cost a lot. Choosing a low coverage amount
and a high deductible usually will get you a rate that is low. It is also
common to get discounts on renters insurance if you get it from the same place
you get your auto insurance. Renters insurance can range any where from $5 to
$40 per month depending on the coverage and the deductible.
Always check with your agent on specific coverage because each policy may vary
between companies and states. If you feel as though your personal property is
not worth having insurance, the value of having the liability coverage is
worth it. You never know when something may happen.
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