Renter’s Insurance – Should You Get It or Not?

Everyone is a tenant at some point in life. Some start early, while others start late. Approximately 111 million (111,000,000) Americans rented in 2016. Of that number, about 9 million were under the age of 30, while 27 million were between the ages of 30 and 65. Even among the elderly, about 6 million people over the age of 65 were renters.

What is renter insurance?

The tenant insurance policy covers three categories, as follows:

Personal property insurance – This policy protects you from any loss of personal property due to theft, fire or other mishaps. The truth is that many people don’t realize how much “stuff” they have in an apartment until it’s too late. Look around the space you’re renting and think about how much it will cost to replace all of these things, from your laptop, phones, TV, gaming equipment, Xbox set, DVDs, artwork, furniture, clothes and jewelry. If your property is stolen or damaged, the owner’s insurance does not extend to you. You are responsible for your belongings and that is why you need personal property insurance. It should be noted that not all types of property are fully covered, so make sure you understand what is covered and what is not. Some groups are not fully covered.

Do you think what you have is not worth much? Keep in mind that the estimated cost of replacing a TV is about $500. The estimated cost of replacing the bed is about $1,000. What about your clothes

liability insurance – This policy protects you from financial damages that may result from someone self-injury while you are in your apartment. For example, a person visiting you may need medical attention after slipping into the bathroom in your apartment or tripping and falling. The financial burden of medical bills can be brought against you. With liability insurance, your insurance company is committed to helping you defend against a potential lawsuit.

Additional living expenses insurance – This document covers some of your expenses, in case your unit is damaged or something happens and you need temporary accommodation, while your unit is not available. Expenses may include meal and hotel costs.

How much does renter insurance cost?

Policies can run from $10 to $25 per month, depending on the size of the unit you rent and how much you own. Renter insurance is really affordable for everyone and worth it.

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