When you rent, you may feel as if you don’t need insurance, simply because the owner of the home has insurance. However, their insurance may take care of the property itself, but their coverage will not extend to your belongings. This means that if your belongings are lost, you will not be given money to replace or repair them. Renter’s insurance covers the renter in case of theft, flood, fire, or other happenings.
Renter’s insurance coverage is something that many landlords and property owners require before they lease their property. This reduces the owner’s liability and protects the owner and their interests. This insurance is not very expensive, either, which allows most renters to fit it into their budget. An annual policy is normally under $150, which is only $15 to $20 a month. This month is well worth it in the long run if you experience a total loss or damage to your belongings.
What is Exactly Protected?
The protection will predominantly depend upon the policy that you choose. Your policy may reimburse you for the replacement value of your belongings or they may give you a check for the fair market value of your belongings. Either way, you can decrease your own financial loss if you experience one of these bad scenarios.
If you are a renter, you need to get renter’s insurance. This can help to decrease your worry if you are a victim of theft, fire, or another disaster.