Thinking about purchasing a renters insurance policy? Renters insurance is a fantastic tool used to protect your personal property, but your policy can also protect you, the renter, in other ways. It’s hard to imagine how much it would cost to replace your entire wardrobe, all of your electronics, or how much your jewelry is worth. Kitchen fires, burst pipes and other in-home accidents can all be a threat to your personal belongings.
Here are a few things you need to know about renters insurance and why it is so important.
What is renters insurance?
Renters insurance is a type of insurance policy that covers your personal property if it is damaged or stolen. It also covers damage to your personal items from vandalism, a fire and other disasters.
Renters insurance also protects you
Beyond protecting your personal belongings, a renters insurance policy can also protect you. Some policies include liability coverage to help you if you are faced with a lawsuit because of an accident or injury in your unit. This policy can also help pay legal fees, and with certain lawsuits, even the settlement.
Renters insurance is very affordable
When compared to other insurance policies, renters insurance is typically pretty cheap. Per month, most renters insurance policies cost less than a night at the movies (around $25/month). It’s a small amount to invest in protecting your belongings & finances.
Read the fine print
Every renters insurance policy will come with different coverage limits, so it’s extremely important to know what is and what isn’t covered. It’s up to you to decide how much personal property & liability coverage you can afford.
Bottom line
There are so many benefits that renters insurance can provide for you and your belongings! With monthly premiums costing as low as a night at the movies, it’s wise to invest that into something much greater – your peace of mind.
