Even if you think you do not need it; you should still have renter’s insurance. By this point in your life, you have had to have heard the saying “better safe than sorry,” and renter’s insurance is the epitome of that statement. Most policies only cost a couple hundred dollars per year and if you do not make any claims, you really are not losing that much money. However, you will be grateful you have renter’s insurance in the event you need to make a claim. Every driver needs to be insured, so why would you rent without insurance? Here are six reasons why you need renter’s insurance.
Renter’s Insurance is Cheap
The common price of renter’s insurance is only a few hundred dollars per year at most, making the expense justifiable. Should you ever need to use your insurance policy, you will most likely save more money than you have been paying every month. When you bundle renter’s insurance with your car insurance, you can lower your monthly premium. The amount that your car insurance drops is drastic and 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 renter’s insurance.
Your Personal Property is Covered
Your renter’s insurance policy covers lost personal possessions including jewelry, clothes, electronics, furniture, and pretty much anything else that you own inside your apartment. You probably own a lot more than you think, and if you are not affluent enough to replace everything you own, then you need renter’s insurance.
Some Landlords Require It
Your landlord’s insurance covers the structure and their possessions, but it does not cover your belongings. Today, more and more landlords require their tenants to have renter’s insurance. Aside from all the personal positives to having a policy, renter’s insurance is simply becoming mandatory for tenants.
Liability is Part of the Plan
This may come as a shocker, but liability coverage is included in standard renter’s insurance policies. In the event someone gets injured in your apartment or if you accidently injure someone in your apartment, your policy will pay court costs and legal fees up to your policy limit.
Protected Even When You Are Out of Town
Renter’s insurance covers all of your personal belongings, whether you are traveling the globe or they are sitting idle in your vehicle. Know your policy’s specific details, but almost all renter’s insurance policies will cover you when you are traveling.
It May Pay Other Living Expenses
If nature strikes and your apartment is left unlivable, but the damage is covered in your renter’s insurance policy, your living expenses such as temporary housing and food will be covered. Again, know your individual policy to see the details of precisely what it covers, but you are not likely to be stuck homeless if you have renter’s insurance.