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Five reasons why renters insurance is recommended

Five reasons why renters insurance is recommended

Renters insurance is on the short list of insurances that are not a waste of money – and should be on your list of things to buy if you are living in a rented home.

Financial experts say that the low cost of renters insurance (premiums are typically based on the content valuation of your apartment), coupled with the typical benefits it provides should you need to submit a claim on your policy, make it a no brainer decision.

red umbrella showing renters insurance

Here are the top ten reasons why renters insurance is recommended for anyone who rents their home.

  1. It covers disasters. Like catastrophic medical insurance, it pays to have coverage for the day something completely unexpected happens. If your roof caves in tomorrow, exposing the entire contents of your apartment to a rainstorm, and your landlord doesn’t cover the damages, renters insurance will pick up the pieces, replacing your things.
  2. It covers crime. The activities of nefarious folks are impossible to predict and you never know when you might be the victim of a property crime at your apartment. No matter how well you lock your doors and windows, home burglaries have become more prevalent due to a more challenging economy. Prevent yourself, just in case.
  3. You don’t pay for anything you don’t already own. Because renters insurance is calculated based on the valuation of your personal possessions, you won’t feel like you are getting ripped off. Your premium is based on the contents of your home.
  4. Your possessions will often be covered by renters insurance if they are stolen or damaged while away from your home. When my boyfriend’s bike was stolen while he was inside the supermarket, renters insurance replaced it. When his cell phone was rendered unusable by the powers of an airport security scanning machine, it was also replaced.
  5. It’s not that expensive. Even if you have many nice things, renters insurance will typically cost you less than $30 a month. That’s a nice restaurant lunch, a bag of groceries, or half your monthly cell phone bill – a small price to pay for personal protection of the things you care about.