As a renter, you might incorrectly believe you do not need insurance since you don’t own the residence in which you live. Most landlords and many property owners will have an insurance policy on their investment properties, but landlord insurance will not cover you the renter and your personal belongings. Obtaining renter’s insurance is how you can be assured that help will be provided in replacing your belongings should there be a flood, fire, theft, or some other event.
A renter can greatly benefit from specialized renter’s insurance. Many landlords actually require it before a renter is accepted. This reduces a landlord’s own liability, and it covers you the renter and your personal belongings. While you may not think you own enough stuff to make it worthwhile, you’d be surprised after taking inventory as to how much all your items are worth. Without coverage anything of yours can be lost, a devastating event both emotionally and certainly financially.
Thankfully, renter’s insurance is very reasonably priced. Annual policies tend to cost the renter around $200 annually, which is only around $20 per month. This monthly or yearly expense is certainly worth it If you ever experience theft or some other damaging event that results in a loss of your personal items.
The kind of coverage you buy varies in cost depending on how extensively you wish to be protected. Policies also vary in how they compensate for losses. Some companies cut you a check up front for the value of your personal belongings lost, while others reimburse you as you actually replace your things. Having this insurance can alleviate the financial loss experienced in the event some kind of catastrophe.
As a renter, you would be smart to seriously consider purchasing renter’s insurance. It matters not whether you have a little or a lot, you are well-served by an appropriate policy to provide peace of mind. It is always obvious what we take for granted when we lose our belongings to some unexpected event.