What is Renter’s Insurance All About?

bench-accounting-MGaFENpDCsw-unsplash

You have car insurance, health insurance, life insurance but what about renter’s insurance. While some landlords make it a requirement for their tenants it is actually in your best interest to have coverage.

Do I really need it?

Yes. Accidents happen. The roof leaks, there’s a fire and your property is destroyed or you have a break in and property is stolen. The landlord’s insurance will only cover the property itself, not your valuables inside. In the case of damage to the home, that would make the unit uninhabitable while repairs are completed, you would have to live elsewhere – your renters insurance policy would cover hotel, food and other expenses. All of these expenses will come out of pocket if you are not insured.

Who do I talk to about coverage?

Talk to your car insurance provider. They usually will offer a discount. If they don’t shop around. Prices will depend on which state you live in, liability limits and personal property values. Depending on your deductible this should only cost you $10.00 – $15.00 a month. This is just a small price to pay for the peace of mind of knowing that if anything happened to your personal property you are covered.