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Why You Need Renters Insurance
Why You Need Renter’s Insurance
Even if you're planning on purchasing a home in the near future and have been renting for what seems like years already, going without renter's insurance is risky at best and should be something every tenant should consider, even if their landlord doesn't require it. See below for our list of reasons to NEVER skip this affordable coverage that could save you THOUSANDS in the event of a fire, water damage, or theft from your rental home.
Affordable- Often costs just $13-$15 per month!
Covers Your Belongings- Your renter’s insurance covers your belongings inside your apartment in the event of a fire, water damage or theft. It can also cover your belongings that get stolen if your car is broken into while on your landlord’s property. Remember, if something like this happens in your rental, your landlord is NOT responsible for replacing any of your personal belongings.
It Can Cover A Hotel Stay- Let’s say your apartment has an unexpected mold issue and is deemed uninhabitable while the landlord corrects the problem. This is another place where your renter’s insurance would come in handy, since most policies offer an allowance for a hotel stay in the event you can no longer live at your rental due to some unforeseen circumstances.
Replacement Value Coverage- When getting a renter’s policy, it’s always a great idea to see what the cost would be for replacement value coverage vs actual cash value coverage. Replacement cost coverage would reimburse you for the actual purchase price of a new sofa if your apartment catches on fire and your 5-year-old sofa is destroyed. Actual cash value would just get you what a 5-year old sofa is currently worth. So, consider the small added cost for the upgraded coverage!
It Can Get you a Discount on Your Auto Insurance- Remember, insurers love to bundle policies together for added savings. Be sure to ask your auto insurance company about renter’s insurance discounts. Many auto insurance companies will provide an added discount on your auto policy if you also buy renter’s insurance with them, offsetting some of the additional costs of the renter’s policy.
Andrea is the Managing Partner of The Sandy Hartmann Group. She is a licensed Realtor with over 15 years of Marketing and Finance experience, holding a degree in both Finance and International Busines....
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