If you are renting your home, apartment or condo, renters’ insurance should be at the top of the list of requirements. The benefits are many and the downsides almost nil, yet nearly half of all renters do not take the time or effort to secure insurance. In many cases, this is simply due to a lack of information on how valuable and easily affordable it is.
It Will Protect You from Injury and Loss
Some people believe that when renting, the landlord or property owner has insurance on the house or apartment. However, this generally only applies to the building itself and not your personal property. In the event of things like a building fire or water damage from a burst pipe, your landlord will not replace your clothes, furniture, dishes, etc. Home and apartment fires can lead to many serious injuries that renters’ insurance can help cover. Never rely on the policies of your landlord to cover you and your property. Even if you don’t have much, replacing everything you own would be a tall order. Renters’ insurance will let you do just that and can even help provide monetary relief for things that held sentimental value.
Many renters have financial concerns, and insurance sometimes falls by the wayside. However, the reality is that renters’ insurance is one of the most affordable forms of insurance out there. When you rent, you often don’t know the state of the property, such as its plumbing, electrical systems or other features. Especially with older buildings, having renters’ insurance could save thousands of dollars should a problem arise. Cost is also often determined by the contents of the home as well, so even if you don’t have much, you can still get covered — and generally, for a great price.
Insurance policies can vary depending on the specifics but usually have commonalities. Most renters’ policies cover fire and wind damage from the environment, but most will not cover earthquake or flood damage, which requires supplemental plans. Many policies will provide injury coverage for guests or coverage for items that are in your rental unit but are not your property, such a friend’s computer. Lastly, most renters’ policies will provide coverage for theft and burglary of your home.
Don’t assume that renters’ insurance is unattainable due to cost or that your landlord will cover your property or person in the event of a disaster. Renters’ insurance is very affordable and offers wide-ranging coverage that will give you peace of mind. Regardless of how much you think your belongs are worth, it is a smart idea to get yourself insured.
Renters insurance can save you a lot of money in the long run. For more tips on how to be smart with money, let us help you with our credit rescue packages!