While most people understand the importance of having homeowner's insurance, not everyone is convinced that renter's insurance is also a necessity. If you rent an apartment or house, your landlord's insurance policy will not cover your belongings if something should happen. Here are five reasons why you should get renter's insurance:
It Will Protect Your Belongings
If you live in a small apartment you might not think you own enough to warrant a renter's insurance policy. However, your belongings may cost more than you think and having to replace them all in the event of an accident can put a big dent in your pocketbook. If you have a renter's insurance policy, it will cover the cost of many types of belongings such as furniture, clothes, paintings, and jewelry if there is a fire or another type of accident.
It Is Not Expensive
Some people shy away from getting renter's insurance because they believe it will cost them too much. The truth is, however, that renter's insurance is not expensive at all. In fact, the average person pays just $187 a year in the U.S. for renter's insurance.
You'll Get Liability Coverage
Another positive aspect of renter's insurance is that it includes liability coverage. If someone happens to get hurt in your home, you won't be responsible for all the damages out of your own pocket. For example, if your dog bites one of your guests, your renter's insurance policy may pay for medical costs, legal fees, and other costs that resulted from the incident.
It May Be Required
More and more landlords are requiring their tenants to purchase renter's insurance. If your landlord wants you to carry a renter's insurance policy, he or she will ask to see proof of it.
It Covers Your Belongings Everywhere
The nice thing about renter's insurance is that your belongings will always be covered, even if they are not in your home. For example, if you leave your laptop in your car overnight and it gets stolen, your renter's insurance policy will cover the cost of the laptop.
As you can, see there are many upsides to purchasing renter's insurance. For less than $20 a month you can have peace of mind knowing that your belongings are protected. If you have any further questions about what type of policy you should get, schedule a meeting with an insurance company as soon as possible.