Renters Insurance: 4 Top Reasons Not to Skip It!

Renters’ insurance is a very underutilized insurance product, but it can do a lot more good than many people realize. When you don’t own the house or building that you live in, but need to protect your belongings, renters’ insurance is what you need. This coverage is often a lot more affordable than other types of insurance, and it can ensure that no matter what happens, your personal property and your family are protected. 

What Does Renters’ Insurance Cover?

Renters’ insurance policies come with several different types of coverage. The first, and most common, is the protection for your personal property. If something happens to the dwelling where you live and your property is damaged, you can file a renters’ insurance claim. If you don’t have insurance, however, you’ll be out of luck—your belongings are not covered by your landlord’s building insurance.

In addition to providing monetary compensation for any lost property, renters’ insurance can also offer coverage for:

·  Loss of use, such as if you need to rent a hotel room or a different apartment while yours is being repaired.

·  Liability, in case someone gets damaged on your property or as a result of your dog, for example, and tries to sue you.

·  Your personal belongings when they are in your vehicle or anywhere you travel, even if they aren’t in the home you rent.

So, as you can see, there’s a lot of value to be had in purchasing renters’ insurance, and most people can get a policy for less than $50 a month.

Four Reasons You Need Renters’ Insurance

In case the coverage listed above isn’t reason enough, here are four reasons that renters’ insurance should be on your to-do list ASAP.

It Covers All Kinds of Damages

Renters’ insurance isn’t just for things like theft and fire. Those are covered, but so are things like fire, smoke, lightning, hail damage, snow and ice, water damage, explosions, damage from vehicles, and even damage caused by aircraft or riots. The covered losses will vary depending on the policy that you have, but the protection is usually pretty extensive.

It’s Less Than You Spend on Coffee

If you’ve got a weekly coffee habit, it’s probably costing you between $20 and $40 per week, depending on how fancy you get with your drinks. Perhaps you’ve got another vice that you “can’t” live without. But you also think you can’t afford renters’ insurance. This coverage can cost as little as $15 per month, depending on how much property you have to insure.

It Protects You from Lawsuits

The liability coverage included in your renters’ policy will protect you if someone tries to sue you because of something that happened on your property. Say your dog bites the mailman and he tries to sue—your renters’ policy will generally cover it, provided you don’t have a dog breed that’s excluded. This is peace of mind that you can’t afford to live without.

Your Landlord Might Require It

More and more landlords are starting to require renters’ insurance for their tenants. They are getting charged more by their own insurance providers for not having tenants that are protected, or they simply don’t want to deal with the potential losses. When people don’t have coverage, they tend to want to blame someone else. If your landlord or property management company requires this coverage, get it.

These are just four reasons that you can’t afford to skip renters’ insurance. Get a quote and see just how affordable it can be to get plenty of protection for your belongings and more.