When you are renting, you may not realize how beneficial it can be to have renters insurance. There are many different, very plausible, situations in which renters insurance will be well worth the money that you are paying in premiums.
- Theft – Maybe you have a crazy roommate that bails in the middle of the month and takes your TV or maybe someone breaks into your home and steals your computer. No matter what the situation is, there are many people that steal and many people that get things stolen from them. When you live in a rental you want to be sure that your possessions are covered, so if they are stolen you can replace them.
- Natural Disasters – Whether it is a fire that sweeps through your rental, a tornado that pulls your roof off or a flood that fills up your rental unit, you do not want to be in financial ruin because everything that you own was destroyed in the rental unit.
- Medical Liability – When you have renters insurance, you will usually also have limited personal liability coverage from your policy. If someone is hurt in your rental unit and then tries to sue you, this insurance will give you the coverage that you need.
- Random Coverage – Read through your renters insurance to see what else it would cover. The majority of insurance companies have random coverage that can be very useful when you need it.
- Your Cost is Minimal – Renters insurance is not expensive. You will probably pay between $10 and $20 a month and your rental unit will have all of the insurance protection it needs!