Why You Should Buy Renter's Insurance
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What Does Renter's Insurance Cover?
Your renter's policy will protect you if you are robbed, if your apartment burns down and 15 other perils listed below.
Renter's insurance can also cover expenses if you must leave your home and stay somewhere else for awhile. If you are insured, you can be given money for a hotel and everyday living costs while your home is being repaired.
Your renter's insurance will also cover expenses if you have a guest over and they get injured; whether it be the pizza delivery guy who slips on your icy walkway or your rowdy friend at your house party, having renter's insurance will insure the costs if they decide to sue you or need medical expenses.
Renter's insurance will also cover that water damage that occurred on your neighbor beneath you because you left your bathtub running. Or, even vice versa, if you're neighbor upstairs is responsible for the water damage, your renter's insurance will reimburse you the damage cost and then pursue the neighbor so you don't have to deal with the hassle.
What Isn't Covered by Renter's Insurance?
It is important to realize that a renter's insurance policy does not cover everything. Most insurance companies do not cover floods and earthquakes. If you live in an area prone to those, you'll need to buy a separate policy.
How Much Coverage Should You Purchase?
You need to determine the amount of your insurance policy. When you do this, you should carefully consider the costs of everything you have. If you are robbed, you will likely only need to replace jewelry and electronics. If you are the victim of a fire, then you will need to replace your clothing, your furniture and other personal effects in addition to your electronics.
Take Advantage of Discounts for Your Policy
When you purchase your renter's insurance, it is important to shop around. You can receive a discount when you get it through the same company as your car insurance and/or life insurance. Your job may offer discounts or check your professional associations and alumni associations as well for discounts for your policy. Some insurance companies will offer discounts for practicing fire safety like working smoke alarms and having a handy fire extinguisher.
Renters are about 50 percent more likely to have items stolen from their home than homeowners; having a security alarm will not only help protect you from that alarming statistic, but may also apply another discount to your renter's insurance.
Even before the discounts, renter's insurance is very affordable, costing no more than a couple hundred dollars a year. Monthly, that's only 10 to 20 dollars.
When making this decision, consider the net value of your possessions and the likelihood that they'll suffer damage. If your belongings are worth a lot and you live in a high-risk area, having renters insurance could end up saving you a huge sum of money.
