Most people, when they think about insurance, they only think about insurance as it relates to the protection of personally owned property like one’s own home. What about the people who rent their home? Yes, there is an insurance that will protect you and your possessions even if you do not own the home those possessions are in. Let’s take a look it at the specifics.
Do I need Renters Insurance? The answer is yes. If you rent a home or an apartment, the property owner will have their own insurance which only covers the structure in case of damage, fire, robbery, etc. You, on the other hand, without Renters Insurance, will have lost your belongings without being reimbursed for your loss.
How much Renters Insurance do I need? The amount is based on what you want covered, what is valuable to you, and which type of insurance you choose.
How much is Renters Insurance? The price depends on the value of what you choose to cover and the premium deductible you decide fits best for you and your financial situation.
Should I buy Renters Insurance? Renters Insurance is surprisingly inexpensive compared to homeowners insurance. You may find Renters Insurance with a monthly premium as low as $15, $10, and even $5.
The questions of what to cover, how much to cover, and premium prices are for you and your insurance agent to discuss in detail. The benefits of coverage are too numerous to list, but here are some things to think about. Theft, fire, personal injuries! With Renters insurance, you could be covered from suffering the effects of a lawsuit if someone were to be injured in your rented home or apartment. With fire and theft, items lost could be monetarily reimbursed, depending on which type of coverage you choose, the actual cash value of what the items were worth at the time of the loss or destruction, or, for a higher premium, the actual cost of the lost items. Either way, you will not lose. There are some things that cannot be replaced. Especially those things that their value exists only in our hearts and mind, but Renters Insurance can help you begin to put the pieces back together when unfortunate circumstances tear them apart. Being covered will give you a peace of mind.
