The Value of Renters Insurance

Do you have renters insurance for your rental home or apartment? You should, because accidents always happen when you least expect it!

Your landlord will always fix appliances, leaking pipes, and other things about the rental home itself, but what happens when there is theft, fire, or other natural disasters that affect you? How do you protect your own personal property?

Renters insurance (depending on your coverage) can cover your personal belongings up to 100% when disaster strikes! And it doesn’t cost an arm and a leg to purchase. On average, renters insurance costs around $190 per year. This cost can easily fit into any budget and if disaster strikes, then you only have to pay your deductible to get everything replaced.

The first step to finding exactly what coverage you need is to think about how much it would cost you to replace everything in your home. From there, you can reach out to many insurance agencies to receive a quote for a policy that covers what you need.

Always carefully read the policy you have been given because not all loss may be covered. For instance, some renters insurance will not cover flooding. You may need to purchase additional cover just for flood or earthquakes.

Your annual cost for renters insurance will differ, however. It may cost you more or less depending on your coverage, discounts, and even the area the home is located in. Many insurance agencies offer discounts if you have multiple service coverage with them, such as car insurance. Also, your deductible will affect your cost. Aiming to pay a higher deductible will cost less, but make sure you can still afford it when you need to make a claim.

Renters insurance isn’t just about covering any damage where you could be considered liable, it’s about protecting your assets so you won’t lose everything you own. We hope you never have to make a claim on your renters insurance, but we know you’ll be grateful if you do.

This article pulled some information from our friends at Consumer Reports. If you would like more information about renters insurance, please visit Consumer Reports and consult your insurance agency.