If you are looking at renting your next home, consider the importance of insurance and how it could benefit you in your new position as a renter. There are many policies and providers out in the world, some better than others. But there are hundreds of reasons to keep yourself covered by a renters insurance policy. So here are just a few reasons why renter’s insurance is worth it.
It Covers Personal Property
Think of your property. All of your clothing, your gadgets, your instruments, or hobbies – your property adds up pretty quickly. Renter’s insurance is worth it if only for the property coverage that is included. Most renter’s insurance will cover property damage in the cases of stolen or damaged property, which can be a life-saver.
It Provides Liability Coverage
Accidents can happen anywhere, and you might injure yourself in your apartment. You’ll want the liability coverage in case you are held liable for injury or property damage that occurs while renting.
It Covers You When You Travel
Renter’s insurance will often provide coverage no matter where your belongings are at the time of loss or damage. If you are on a road trip or other vacation, you’ll have the concerns of property damages off of your mind if you have renter’s insurance.
It may Cover ‘Additional Living Expenses’
Additional living expenses can be a vague addition to your insurance policy, but it is vague for good reason. There are some things that might be covered that are difficult to summarize, such as ‘these additional living expenses’ which often include any temporary expenses you might incur as a result of needing to live elsewhere. Say your apartment needs fumigated, or a fire occurs. Renter’s insurance will often cover temporary housing, food, or other items. Check your policy for more information
It’s Often Required
Thanks to all of the reasons above and more, many landlords require renters to have insurance. These insurance policies keep them off of the hook for any expenses, as well as providing them peace of mind for many potential risks of renting out their property.
Your average renter’s insurance rate will be less than $15 a month. For all of the coverage provided, this is a great deal.