Five Reasons You Should Have Renter’s Insurance

One of the advantages of renting a home instead of owning it is that you have a lot less responsibility.  However, whether you’re renting a house, an apartment, a condo, a duplex or some other kind of home, your landlord’s insurance policy only covers the building itself.  Some landlords require their tenants to have renter’s insurance, but even if they don’t, here are five reasons all renters should have renter’s insurance.

It covers personal property

As already mentioned, a landlord’s policy only covers the building.  If something happens and all your stuff is destroyed, you’re out of luck without renter’s insurance.  You might think you don’t own enough to bother with insurance, but if you take a real inventory of your stuff, you’ll see it all adds up.  In fact, the average renter owns about $20,000 worth of stuff.  And renter’s insurance covers all kinds of circumstances, from theft to riots to airplane damage.

Liability coverage

Liability is included in renter’s insurance.  This means if someone slips on your steps and sues, you’ve got court judgments and legal expenses paid for up to your policy’s limit.

Living expenses

Did your rental suddenly become unlivable?  No worries; most renter’s insurance policies include living expenses for such dire circumstances.  You’ll be able to move into another place and maybe even have your food paid for until you’re able to move back in.

Travel peace of mind

If you have an item covered with renter’s insurance and you take it with you on your world travels, it’s still covered!  Whether you’re down the street and something is stolen from your car or you’re backpacking across Europe and someone steals your stuff, your renter’s insurance will cover it.  It doesn’t only cover theft though; check out the Other Covered Expenses section of your policy for details.

It’s cheap

Yes, you get all those great benefits, and it only costs about $15 a month!  That’s the average, anyway: $187 a year.  Of course, like most insurance policies, factors such as where you live, how much coverage you need and how high a deductible you want all determine the price.  Still, wouldn’t you gladly give up two or three trips to Starbucks a month to get all the awesome benefits of renter’s insurance?

Really, why wouldn’t you want renter’s insurance if you’re renting?  You can get started on getting a policy of your own by clicking right here.

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