Do you rent?
You are not alone. In 2017, there were more renters in America than at any other time in the past fifty years.
While homeowners are often expected to have insurance coverage, it is not always expected that renters should purchase insurance.
While some landlords will insist on it, many will not. That leaves you with the option of whether or not you want to get it.
You may be wondering, “Do I need renters insurance?”
The fact is that more often than not it is a good idea to get renters insurance. Let’s take a look at the benefits so that you can decide.
1. Protect Yourself with Liability Coverage
Liability coverage is one of the best reasons to get renters insurance. In the event that you accidentally cause a fire or your child bats a ball through your neighbor’s window, you could be found legally responsible and asked to pay damages.
Another scenario that could occur is that your plumber or guest is injured because they trip on your rug while visiting your apartment. When random accidents like this happen, you could be held liable.
These are just a few examples, but there are a myriad of things that could happen in a rented home, and with liability coverage, you won’t have to pay out of pocket for damages.
2. Cover Any Extraordinary Living Expenses
What if your apartment sustained damage from smoke or a flood?
If you were unable to live in your rented home for a long period of time, would you be able to pay for additional living arrangements?
If your answer is no, then you need renters insurance. Renters insurance pays for additional costs such as a hotel room or a temporary apartment. If you are a pet owner, you will usually be able to board them at no cost to you as the policy will often cover this.
3. Do I Need Renters Insurance for Personal Property?
If you are wondering whether you really need insurance for your personal belongings, the answer is yes.
Renters insurance can cover damages to your belongings, especially those that have a high value. Just make sure that your coverage is close to the value or larger than the value of any belongings that you own.
Needless to say, the best approach is to take a personal inventory of your belongings and ascertain their value before you purchase insurance. Once you know how much your belongings are worth, you will be able to decide how much insurance you actually need.
Items such as furniture and expensive jewelry are usually covered in renters policies. If you need more info on what kinds of properties are covered, you should call or visit the insurance company you are considering. You can also try visiting their website as you may find the information there.
Final Thoughts
If you have been wondering, “Do I need renters insurance?” you now know that the answer is yes.
The last thing you want is for an injury to take place in your home or for damage to be sustained without you having some form of coverage. A lack of coverage could cost you dearly and put you on a difficult financial road. However, all this can be avoided by having renters insurance.
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