Even if you think you don’t need it, you should get renter’s insurance. Surely you have heard the saying “better safe than sorry,” and renter’s insurance is the perfect example of that. With most policies only cost a couple of hundred dollars per year, if you don’t make any claims, you aren’t out of that much money, but you will be grateful you have renter’s insurance if you ever do need to make a claim. Every renter should be insured; here are six good reasons that you need renter’s insurance.
Renter’s Insurance is Affordable
The average cost of renter’s insurance is only a couple hundred dollars per year at most, making it easy to justify the expense. In the instance you ever would need to use your renter’s insurance, it is a safe bet that you’re going to be saving way more than you have been paying every month. One of the other great things about renter’s insurance is that it has the potential to lower your car insurance when you bundle them together. The amount that your car insurance drops is sometimes almost enough to cover the entire renter’s policy. At this point, it is practically free, so there is no reason not to have it.
It Covers Personal Property Loss
Your renter’s insurance policy covers losses to your personal possessions, including jewelry, clothes, electronics, furniture, and pretty much anything else that you own. You probably own a lot more than you think you do, and unless you are comfortable with potentially replacing everything you own, then you need renter’s insurance.
Your Landlord May Require It
While your landlord’s insurance covers the structure and their possessions, it does not cover anything of yours. More and more landlords require their tenants to have renter’s insurance so add this to the list of reasons you should have a renter’s insurance policy.
Liability Coverage Included
You may not know this, but liability coverage is included in standard renter’s insurance policies. This protects you if someone is injured while in your apartment or if you injure someone in your apartment. It will pay court costs and legal expenses up to your policy limit.
You’re Covered When Travelling
Renter’s insurance covers all of your personal belongings, even if you are traveling or they are in your vehicle. Check out your policy for more specific details, but almost every renter’s insurance policy will cover you when you are traveling.
It Might Cover Additional Living Expenses
If disaster strikes and your home is left uninhabitable due to something that is covered in your renter’s insurance policy, your living expenses like temporary housing and food will be covered. Check with your individual policy to see the details of precisely what it covers, but you are not likely to be stuck without a home if you have renter’s insurance.