Many renters think a benefit of not owning a home is skipping out on the costs of insurance. However, as a renter, insurance should still be a consideration. One incident such as a fire or a burglary could seriously jack up your financial life. There’s no reason for that kind of stress when it’s really a pretty inexpensive thing to get considering all the peace of mind you’ll have in return. Trust me, after our recent car theft I am thinking about how awesome insurance is these days!
10 Way Good Reasons to Get Renter’s Insurance…
1. It’s Pretty Darn Affordable
Don’t skip out on renters insurance because you think you can’t afford it. If you don’t own high-priced antiques or similar valuables, premium rates can be as inexpensive as $10-$20 a month. For pennies you get coverage.
2. Covered Liability
If a guest to your rented residence is injured by a fall or even if your pet causes someone harm, renters insurance will cover you against any liability claims filed against you. I think this is one area many people don’t even think about getting coverage for.
3. Weather-Related Damage
If your rental property is damaged during a storm, the landlord’s insurance will cover structural damage to the building but it won’t pay for any stuff of yours that was damaged or lost.
4. Fire Hazards
For those that rent a place in a multi-unit apartment complex, there is a higher risk of accidental fires due to the number of people that live so close by. Renters insurance will help protect your losses and replace your items that were lost in a fire. Before we were married, my husband’s apartment complex went up in flames because his next door neighbor decided he wanted to keep the lights turned on his 4 month-old super dried out Christmas tree (yes, it was in April!). Aaron had to find a new place to live, and he lost almost all of his belongings due to smoke damage. Luckily, no one was killed in the fire but, unfortunately, Aaron didn’t have renter’s insurance so he was straight up screwed, and had to buy everything all over again. :/ Lesson learned!
5. Faulty Electrical Work
In the event faulty wiring in your rental home causes damage to your electrical equipment or personal appliances, renters insurance will help cover the costs of repair or replacement of your belongings.
6. You Are Protected from Theft
Renters insurance will cover your property in the event anything is stolen during a break in. You can get replacement items for what you lost.
7. Theft Goes Beyond Home
Renters insurance can cover your belongings even if they weren’t in your rental home. Your insurance may cover you for theft from your car and other situations. This is so awesome, and home owner’s insurance works the same way!
8. You Have More that You Know
You may not feel your belongings are worth all that much but if you lost it all it could certainly add up. Don’t underestimate the value of your stuff. Get renters insurance to protect what you do have in the event of unexpected events.
9. Protection In College
Did you know that college dorms can qualify for renter’s insurance coverage? It is a good way to keep what is yours in the event of fires, thefts, and even vandalism from disgruntled roommates.
10. You Just Never Know
Many people opt to not get insurance as a renter because so far life has been pretty good and they think nothing bad could happen to them. However, it is much wiser, financially, and otherwise to consider all the possibilities… even the unsavory ones. Renters insurance can help protect you from what could happen, and if something crappy were to happen you’ll be so relieved that you’re covered!
If you’re a renter do you have renter’s insurance? If so, I’m curious how much it costs you each month.