Moving into a new place can be very expensive. That is why many people feel that it is best to go without renters insurance in order to save money. In fact, it is estimated that 63 percent of renters do not have insurance. However, renters insurance is definitely something you want to have.
Reasons To Get Renters Insurance
It Is Affordable
Renters insurance is very inexpensive. In fact, you can get a policy for less than $20 a month. The small price you pay for renters insurance is worth it because you get a lot of coverage.
It Covers Your Personal Property
You may think that your belongings are not worth a lot of money. However, your belongings are likely worth a lot more than you realize. In fact, the average person has $20,000 worth of belongings. Most people cannot afford to pay the cost of replacing all of their belongings out-of-pocket.
Renters insurance covers your personal belongings. It covers losses due to things such as theft, smoke, volcanoes, vandalism, snow, ice, fire and lightning. It can also cover damages that are caused by household appliances, such as fire protective systems, air conditioning and plumbing.
Your Property Manager’s Insurance Does Not Cover Your Belongings
Many people think that renters insurance is not necessary because their property manager has insurance. However, it is important to note that the building itself is the only thing that is covered by your property manager’s insurance. That is why many managers require that their tenants get insurance.
It Includes Liability Coverage
You could be held liable for any injuries that your guests suffer while they are on your property. If you have a pet that injures someone, then you can also be held liable for those injuries. Fortunately, renters insurance also includes liability coverage.
Your Neighbors Are A Potential Hazard
If your neighbor’s home floods or catches on fire, then your home can also be damaged. Your renter’s insurance policy also covers damages that are caused by your neighbors.
It May Include Additional Living Expenses
The amount of coverage that you get from your renter’s insurance policy can vary. However, there are many policies that will pay for you to live somewhere else if your home becomes inhabitable due to damage. You may also be able to get reimbursed for food. Make sure that you check your policy to see if additional living expenses will be covered.