Most tenants would ask themselves the question: Is renters insurance worth it when they are new tenants of a rented apartment or house. It can be considered as mere expenses but renters insurance is a highly valuable measure as it can save you a ton of money in the case of major damage. Learning what it includes and why it is important will allow making an informed decision on whether it is the suitable solution or not.

What is Renters Insurance?

Renters insurance is the policy of tenants. Whereas home owner insurance is in place to cover the structure of a home, renters insurance primarily provides coverage to those things that a renter owns, as well as personal liability, and in some cases the living costs should the property become inhabitable.

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What is Covered in Renters Insurance?

Personal Belongings: Renters insurance can pay to have your items replaced in the event of a theft, fire, or other losses suffered because of covered perils like fire, theft, or vandalism. This is in terms of furniture, clothing, electronic gadgets as well as personal property.

Liability Protection: In case a person is hurt in your rental unit, there is a chance that the renters insurance may cover healthcare costs and any legal work. In another example, should a visitor fall in your apartment, then you are indemnified because of liability cover.

Additional Living Expenses Coverage: If your rental is rendered uninhabitable because of fire and/or water damage, renters insurance could cover your costs of the temporary housing, eat-out expenses and other incident costs until you can move back.

Why Renters Insurance is Worth Considering

Cheap Protection: Renters insurance is even cheaper than you would think, it could cost less than a few cups of coffee every month.

Peace of Mind: You are aware that your possessions are covered in case of any occurrence and this takes away the burden of the mind.

Landlord’s Insurance Won’t Cover You: It is a popular misconception that the insurance policy of the landlord covers you. Actually, it covers only the building and not ones personal items inside.

Protection Anywhere: Other policies cover your belongings when not at your rental i.e. your laptop stolen out of your car.

When Renters Insurance May Not Be Necessary

Sometimes there may be cases when insurance is not worth taking as a renter. For example:

Unless you have only a minimal number of items of minimal value.
Suppose you are staying temporarily in a furnished apartment where you do not live with much of your belongings.
In case of having another insurance policy to cover you.

Tips Before Buying Renters Insurance

Take Inventory: Make an inventory of the items you own and put a dollar amount on them to give a base of how much coverage is required.

Shop Around: Compare Policies between different providers to see what is available and costs.

Savings Bundle: Most companies give discounts in return of bundling renters insurance with auto or other coverages.

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Final Thoughts

Is renters insurance worth it? The majority of people say yes. It is a cheap form of securing your personal assets, liabilities and giving yourself a fallback should life turn nasty in some unexpected way. Regardless of whether you rent an apartment, a condominium, or a home, renters insurance gives you financial safety and peace of mind at a fairly low price.

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