Do you rent your home or apartment? Renters insurance helps protect your belongings from loss or damage caused by events like burglaries, fires, tornadoes, and other covered incidents. It also offers liability protection if someone is injured at your rental. Here are five reasons why renters insurance is worth considering.
1. Protect your personal belongings.
It’s a good idea to take inventory of your things. If the worst happened, how would you replace your electronics—smartphones, laptops, tablets, TVs, or gaming systems? What about your clothes, shoes, and furniture like sofas, tables, and beds? A renters insurance policy can help cover these items and more.
2. Get liability coverage for injuries.
What if a visitor got hurt at your place and you couldn’t cover their medical bills? Or if they sued you, how would you handle court costs? These situations can happen to any renter:
- Your dog bites a child.
- A party gets out of hand.
- Someone trips and falls inside your apartment.
Renters insurance can provide coverage to protect you and your assets, up to your policy’s liability limit.
3. Landlord’s insurance won’t cover you.
Many renters assume their landlord’s insurance protects their stuff, but it doesn’t. Landlords insure the building itself, not your personal belongings inside.
4. Cover extra living expenses.
If your rental becomes unlivable due to damage, renters insurance often covers extra costs while repairs are made. For example, if your rent is $900 a month but you have to stay in a hotel and eat out, your policy may cover those additional expenses beyond your usual rent.
5. Renters insurance is affordable.
According to the National Association of Insurance Commissioners, renters insurance premiums typically range from $15 to $30 per month, depending on where you live and what you own. That’s roughly the cost of two movie tickets to protect your belongings and liability.
