Renters Insurance and Why
One of the most important things to do when renting a house or apartment is to obtain renters insurance. When you think of getting renters insurance, most people automatically say, “I can’t afford that” or “the owner has insurance, so we are covered.” While both can seem to be true, just a little bit of research will show you that both statements are false.
The first thing to know when getting renters insurance is what the insurance covers. While the property owner’s insurance covers the physical structure of the home, it will not cover any of your personal belongings or possible hotel stay should you be displaced. This is where renters insurance comes in. Renters insurance can cover the following: personal property, additional living expenses, and liability coverage.
Personal Property: damaged or stolen property such as tv up to set amount
Additional Living Expenses: examples such as a hotel
Liability Coverage: potential hospital bills for guests if you are found responsible
The cost for renter’s insurance is the second topic we’ll discuss. Contrary to other insurance (auto, home owners’ insurance, windstorm) renter’s insurance is affordable. The average coverage per month is only $15.00! Be sure to shop around at different insurance companies and ask about the different coverage options. Each policy is different, so it is very important to not choose the cheapest because of price, however, you’ll need the be sure that it has the coverage you need.
Overall, renters insurance is very ideal to have. Put into perspective that the premium for renters insurance is less than ONE average 40" television. Imagine the cost to replace just the one television along with other furniture and clothing! If you don't have renters insurance now, you should start calling for quotes.
Tips and Recap:
- Keep a detailed inventory of personal belongings with receipts and pictures in case you need to make a claim.
- Shop around for different prices and coverage that meets what you need.
- If a fire or natural disaster occurs, it is very important for you to have renters insurance
All information for this blog comes from the following sites: