Every renter should have and needs renters insurance. Renters insurance, which is also often known as personal property insurance, is essential for every renter no matter what your circumstance. Many renters forgo this coverage, and as a result, are putting themselves in financial jeopardy should something happen.
Why You Should Purchase Renters Insurance
Individuals should consider getting renters insurance to protect their property should something happen. A common misconception among renters is that the landlord will cover damage to their personal property if there was a disaster, like a fire or flood. However, landlords do not cover the personal property of renters.
So, if there was a fire in your neighbor’s unit, and it spread to your unit, or the firefighters flood your unit with their fire hoses, you would be out of luck when it came to replacing your stuff. The only thing that your landlord’s insurance would cover is the actual physical building structure. That is why getting renters insurance is so important.
What Renters Insurance Covers
Renters insurance is great because it covers a whole slew of things. First and foremost, it covers your personal property. It covers your personal property not just from damage but also from theft. It also protects your property anywhere. For example, if you had your laptop stolen from your college library while you were there, it would cover that as well.
Renters insurance policies can cover both the replacement cost or actual cash value, so choose one that best fits your needs. If your home is damaged and you cannot live there, renters insurance will also cover the cost of accommodations elsewhere. You simply need to ensure that your renters insurance policy includes that stipulation which most do.
If someone was injured in your unit and tries to sue you, renters insurance usually provides some type of personal liability coverage also. Again, many renters falsely believe that they would be covered by their landlord’s policy. This simply is not the case. The only time a landlord’s policy will cover against lawsuit is when an accident happens in a public place on the property such as at the apartment complex’s pool.
Understanding The Cost Of Renters Insurance
The other great thing about renters insurance is the relatively low price. Depending on your coverage amount, your monthly premium could be as low as $4. Also, many renter insurance plans do not have a deductible, meaning that if you did need to file a claim, there are no out of pocket costs to pay prior to getting your items replaced.
It is always a smart idea to shop around before making any permanent decisions about your renters insurance. Some organizations, like AARP, offer excellent renters insurance that can provide numerous benefits. They can protect your belongings by providing cash reimbursements that accurately represent the monetary value of each item lost. There are a number of optional endorsements available as well, such as assisted living care coverage, green rebuilding, equipment protection advantage, and several more. Keep in mind that these benefits differ depending on the state you live in. Thankfully, you can go online and see what benefits you’re eligible for in a matter of minutes.
Renters insurance is far too cheap and covers too many of your personal possessions not to protect yourself. Do not be caught off guard without having insurance to protect your personal property from lost, damage, or theft. And, do not make the mistake of going unprotected from lawsuits. Every renter should have and needs renters insurance.