If you rent a house or apartment, you've probably been faced with the decision of whether or not to get renter's insurance. To some, it may seem like an unnecessary cost, as your landlord is generally responsible to take action in the case of property damage or issues (i.e. plumbing, electrical work, and HVAC systems). In fact, only 37% of renters have renter's insurance, as opposed to 95% of homeowners having a homeowner's insurance policy. Read on, however, to see why it's absolutely essential to get renter's insurance.
What Does Renter's Insurance Cover?
It's never safe to assume that your landlord's insurance policy has got you covered. Renter's insurance can back you up in case of any damage or loss of your own personal property. If there's a fire or explosion, or someone breaks into your home and steals your things, the personal property coverage portion of your renter's insurance can take care of that. It even will cover you if your laptop or cell phone gets stolen out of your car! Just add up the value of all your belongings to see how much you could lose when you don't have insurance.
Also, if someone gets hurt in the house or apartment that you rent, they could actually sue you for damages. In this situation, renter's insurance has got your back again. This part of your policy is called liability coverage.
And if for some reason, your home or apartment becomes uninhabitable, renter's insurance will pay for other temporary living arrangements. This is referred to as "additional living expenses" on your policy.
And the best part is, renter's insurance is extremely affordable. For the cost of ordering takeout once a month, you could pay for your monthly insurance. Many policies only run from $10-$20 a month, which is practically pennies a day. Isn't it worth it to keep your things safe?
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