Do I Need Renters Insurance? How Much Does Renters’ Insurance Cost?
Renting a home? Renters’ insurance coverage is a must-have. Here’s how much it costs, and what you can get covered.
You might think that between auto insurance, health insurance, and any other coverage you might have that you’ve already got all the insurance you need. However, if you rent rather than owning your apartment, renters’ insurance should make up an important piece of your insurance picture. Renters’ insurance offers coverage that can protect you from liability in case of theft, damage, or even injury.
The world of insurance can be complex and even confusing, but it’s so important to get the right coverage. We hope you won’t often need to use your renters’ insurance, but you should always have it just in case you need it. There’s no way of knowing what might happen in the future; but, with proper insurance coverage, you’re ready for anything.
How Renters’ Insurance Works
You might think that renters’ insurance is redundant if your landlord already has their own policy covering your house or building. However, your landlord’s policy only protects them. As a renter, you should have an insurance policy for yourself as well to cover the things that matter most to you. Your landlord’s policy won’t cover you if your valuables are stolen, for example, but your personal renters’ insurance will.
A good renters’ insurance policy covers more than you may think. If your property gets damaged in your rental, your policy will cover that. You will also get liability protection in case anyone gets injured at your rental. Additionally, if circumstances make your rental uninhabitable in the short term, then your rental insurance may even help with the cost of accommodation at a hotel. These are just a few of the ways rental insurance can help you out in case something happens to your home while you’re renting it.
The Cost of Renters’ Insurance
Unlike other types of insurance that can cost an arm and a leg, renters’ insurance tends to be relatively inexpensive. The Spruce reports that renters’ insurance policies are available for as low as $10 to $25 per month. That’s probably less than you spend on coffee in a week, and it’s worth it to know that your rental is covered.
Before you spring for the cheapest renters’ policy, however, it’s a good idea to figure out how much insurance you actually need. Take inventory of your valuables and add up the monetary worth of each possession. The total amount you arrive at will help you figure out how much you really need to spend on renters’ insurance.
The Right Time to Buy Renters’ Insurance
There’s no right or wrong time to get renters’ insurance. However, it’s important to start looking at renters’ insurance before renting an apartment. This way, you can figure out your monthly payment and budget accordingly. Some landlords may even require their tenants to get coverage before they move in. Always read your lease carefully to make sure you’ve fulfilled all of your new landlord’s requirements.
If you’ve been living in a rental for a while and don’t have coverage yet, what are you waiting for? You can opt into renters’ insurance at any time to get a little more peace of mind about your rental home. Don’t wait until you’ve had an incident and wish you had coverage.
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