Between car insurance, health insurance, and any other coverage you likely have, you might think you have all the insurance you need. However, if you rent your home, renters insurance provides another form of coverage that can protect you from losses in the event of property damage, theft, or even injuries.
Though adding another insurance policy might seem confusing or even unnecessary, a solid renters insurance policy can give you some much-needed peace of mind. We hope you’ll never need the benefits of renters insurance policy, but it’s wise to consider getting coverage just in case. After all, you never know what might happen next in life and insurance helps you to be prepared.
What Does Renters Insurance Cover?
Though your landlord likely has their own insurance policy for your building, house, or condo, getting your own separate renters insurance policy will cover things that matter most to you. For example, your landlord’s policy won’t cover your personal items in the event that they are damaged, destroyed, or stolen while you are a tenant.
Renters insurance may cover more than you think it does. If there is damage to your property, it covers that. It will provide you with liability protection if someone is injured in the home that you rent. If a loss makes your home temporarily uninhabitable, your policy will help cover the costs of staying in a hotel. These are just a few ways rents insurance can help tenants have extra coverage if something happens to their rented space.
When Should I Buy Renters Insurance?
Before renting an apartment, you should seriously consider renters insurance. Your landlord might even require that you purchase a policy, so read your lease agreement carefully to make sure you comply with their regulations.
However, if you’ve been renting your home for a while and don’t have renters insurance yet, you can still open up a new policy. The best time to buy renters insurance is before you have an incident or suffer a loss that your policy could cover. Make sure you have coverage now so that it will be there for you when you need it.
How Much Does it Cost?
Luckily, renters insurance policies can be rather inexpensive. According to The Spruce, policy prices can be found for as little as $10 to $25 a month. You probably spend more than that on takeout. So, why not spend a few bucks each month on your peace of mind instead?
The cost of your policy depends on how much coverage you need. To determine what your possessions are worth, create an inventory of them and their cost. Add up your important items, and you’ll have a better idea of how much you need to cover as you shop for your renters insurance policy.
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