Regardless if you’ve been fine without it, you should still take out a renter’s insurance policy. It may not be required by your current landlord, however most landlords are making it mandatory.
Everyone would rather, “be safe than sorry,” and renter’s insurance is the epitome of that saying. Renter’s insurance isn’t all that expensive, and if you don’t have to file a claim, you aren’t “losing” too much money.
Should you ever have to file a claim, you will be extremely thankful you have renter’s insurance. In this day and age, it’s foolish for any tenant not to have insurance.
Renter’s Insurance is Economical
Most policies are a couple hundred dollars each year on the high end, making it worthwhile to have. Should you ever have to file a claim, you’re most likely going to be recovering more money than you’ve been paying in premiums the whole year.
If you bundle your renter’s insurance with your auto insurance policy, you can greatly decrease your insurance premium. The amount your insurance policy decreases is or almost is the difference of the renter’s insurance policy, meaning by now your renter’s insurance is or almost is free, so there’s no logical reason to not have a renter’s insurance policy.
Your Personal Belongings Are Safe
Should someone break into your apartment and steal any of your jewelry, clothes, electronics, or furniture, it’s all protected. Most people don’t think they own all that much, but you will quickly realize you own a lot when filling out your renter’s insurance policy and you’ll be happy to know it’s all covered. Unless you have the money to replace everything you possess, you need to acquire a renter’s insurance policy.
Can’t Rent Without It
Your landlord’s insurance will only protect the building and their possessions while you will be left to fend for yourself. It’s becoming increasingly common for landlords to require their tenants to have a renter’s insurance policy, so might as well have it and save yourself the hassle later on when looking for your next apartment.
Liability is Part of It
Liability coverage is part of your renter’s insurance policy. Should someone who didn’t sign the lease agreement, such as a family or friend who’s visiting, sustain an injury in your apartment you will be waived of responsibility.
Your renter’s insurance policy will pay legal fees and court expenses until your policy’s limit is reached.
Protected Even While You’re Gone
No matter where you keep your possessions, in your apartment or your vehicle, you will be protected. Most people don’t know, but even while you travel your belongings in your car are still covered.
Make sure you are well aware of what your policy covers, but it’s normal for a renter’s insurance policy to protect you while you are traveling.
Disaster Coverage is Sometimes Included
Should an “act of God” destroy your apartment to where you can’t live in it, your renter’s insurance while pay your living expenses such as temporary housing and groceries. Again, it’s important to ask these questions with your insurance agent when setting up your renter’s insurance policy to know the specifics, but should your apartment become uninhabitable you aren’t likely to be sleeping in the streets.
