For the most part, those of us with renter’s insurance, have it because our landlord requires it. But most renters don’t have renter’s insurance, and that’s simply because they don’t realize what all renters’ insurance can do for them, and how absolutely worth the premium that coverage is.
When You’re at Fault
You may think of your landlord’s insurance as covering the building, which it does. However, if you are to blame for damages to the apartment or neighbors apartments, you are responsible for the damages. This is the reason more and more landlords are requiring tenants carry renters’ insurance: it keeps them from having to sue you for damages. It’s much easier to collect the damages from your insurer and avoid going to court.
When Something is Stolen
Let’s say you took your laptop with you on a trip to the mall and while you were inside, someone broke in and stole your laptop. Your renters’ policy will cover replacing your laptop, and of course your auto policy should cover damages to your car. But your belongings don’t have to be stolen from your car to be covered-theft of any property covered by your policy can be replaced.
When You’re Facing Litigation
We tend to think of these scenarios as unlikely, but should anyone be injured while on your property, you are liable for that injury. The good news is, like a homeowner’s policy, a renter’s policy will cover injuries sustained by people who are visiting.
When The Worst Comes to Pass
If a fire, tornado, flood, or damage causes you to be unable to inhabit your home, your renter’s policy will truly be your knight in shining armor. Your policy will cover the costs of living arrangements while the damages are repaired or until you can find a new living situation.
And all of these benefits will protect you for a very low cost. Many believe that annual premiums for these types of coverage are around $1000, however they tend to be more like $189. The monthly premium for a renter’ policy is manageable for every budget out there and the protection is well worth it.