5 Reasons to Get Renter’s Insurance even if you don’t own much.
If you’re renting a home or apartment, you’ll need an insurance policy to cover your belongings. Your landlord’s property insurance policy only covers losses to the building itself. Renter’s insurance is the only way to cover your personal property and certain liabilities.
95% of homeowners have a homeowner’s insurance policy while a mere 37% of renters have renter’s insurance. Many people incorrectly assume they are covered by their landlord’s policy. Others simply underestimate the value of their belongings; once you start adding up your electronics, clothing, and furniture alone, it quickly adds up to thousands of dollars.
Even if you think you don’t need insurance, here are five great reasons why you should get a renter’s insurance policy today.
1. It’s affordable
The average renter’s insurance policy costs $15 a month; that’s about as much as you pay for a Spotify or Netflix subscription. Your actual cost will depend on how much coverage you need and the type of coverage you choose; either way it’s pretty cheap.
2. It covers losses to personal property
Personal property like clothes, smaller pieces of jewelry, luggage, computers, electronics and furniture are all covered. It will also cover your personal belongings, whether they’re in your home, car or with you while you travel. There are limitations when your personal property is away from your house but it’s better than not being covered.
3. It covers loss to personal property from perils besides just theft, including:
- Falling objects
- Fire or lightning
- Riot or civil commotion
- Water damage
- Windstorm or hail
- Damage cause by aircraft or vehicles
4. It provides liability coverage
This provides protection if someone is injured while in your home or if you accidentally hurt anyone anywhere in the world. Also, if your playful child accidentally hurts another child, it’ll be covered. It will pay court judgments and legal expenses too up to the policy limit.
5. It covers your additional living expenses if there’s a claim
So say one of your knucklehead neighbors causes a fire that damages your apartment or home that you rent. What if it’s damaged so badly that you can’t live there while the damage is being repaired? There’s coverage in a renters policy that will cover you to go live somewhere else while your place is being rebuilt or repaired.
As you can see, renter’s insurance covers a lot more than just your belongings being stolen from your house or apartment. It’s definitely worth it.