What Is Renter's Insurance?
Not everyone owns a home. Many people rent out a place to live.
Everyone has heard of homeowners insurance many times before. But not many even know that there is such a thing as renter's insurance.
Renter's insurance is sometimes also referred to as tenant's insurance. It is an insurance policy, like any policy you might have for a car, health, or business.
It is there to cover any damages to your home that you might be liable for when renting out a piece of property. Unlike homeowners who buy insurance to protect their houses against any natural damages such as; floods, hurricanes, and any other unforeseen events, renter's insurance will help protect your belongings inside the house or apartment.
Usually a landlord does have insurance for their property that they are renting out, but it only covers the actual building. It does not cover the items that are in it.
So renter's insurance is used to protect the tenants, or renters, from loss of their personal property. If your rented space is burned down by a fire or is broken into by a thief and items are stolen, then the renter's insurance can provide you with money to replace the items that you lost.
Most items can be covered under your policy including; furniture, appliances, electronics, and clothing. You may not be able to find a policy that will cover every single thing that you own, but the major items will be covered.
You can also get liability insurance for the place in which you are renting. Liability insurance would cover and protect you against anything that happens related to the rented property.
For example, if the plumber comes to your apartment to fix your toilet and he falls and breaks his ankle while working in your home, then the liability insurance would pay for any damages if he wanted to sue you. Even if it was his fault in the first place and he should probably pay for it himself, you would not have to pay anything because of the liability insurance policy that you hold.
Some places that you rent may already be furnished and you would not have to worry about replacing those items unless the accident was your fault. But all of the furniture and appliances and everything in your apartment that belong to you, then getting renter's insurance might be a good idea.
The decision to get renter's insurance or not is completely up to you. Whether it is worth it or not depends solely on the actual renter. If you only have a couple of valuable items, getting a policy might not be worth it.
But if you many valuable possessions, then getting the insurance policy might be wise. It also depends on the area in which you live.
If you live in a neighborhood that has a lot of crime, getting insurance would be a good idea to protect all of your belongings. But if you live in a nice safe area that has never really had any natural disasters happened to it, then you might want to forgo getting any insurance to protect your home or apartment.
Something else to consider if you live in an apartment complex is the floor that you live on. A basement level apartment is much more likely to get broken into than a second or third story floor.
The lower the risk, the less you need to worry about anything happening to your personal belongings that reside in your rented home. But the higher the risk, the more you tend to worry about those things getting stolen, burned, or flooded.
So how much does renter's insurance cost? Usually you can find a decent insurance policy for around fifteen to thirty dollars a month.
How much is your stuff worth to you? Would you be willing to pay that every month to insure yourself that if anything did happen, you would be covered?
Whatever you decide, make sure that you have researched all of your different options and figured out the value of your personal belongings. Usually the smartest thing to do in these kinds of circumstances is to prevent any future problems.
by: Ronald Pedactor
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