Renters insurance may not be required, but having a policy is certainly a smart idea. Here are some reasons why you should have renter’s insurance.
Why you might need renter’s insurance
Avoid paying out of pocket for stolen or damaged goods.
Having to pay out of pocket for damaged or stolen personal items in your rented apartment, condo or house is not ideal for most tenants. Additionally, your landlord’s insurance policy will not cover your personal belongings, making a separate renters insurance policy necessary for full coverage.
Protect yourself from liability
Keep in mind that renter’s insurance doesn’t just apply to your belongings. It can also protect you from liability in a situation such as a guest being injured in your home. If you don’t foresee having the funds to cover expensive medical bills or legal fees on your own, renters insurance can come in handy.
How to get renters insurance
Estimate the value of your personal property
The monetary value of your personal belongings in your rented space may be more than you think. Take an inventory of every item in your space – from electronics to art to home goods to clothing. Estimate the current value of these items (not what you paid for them) and tally them up. This is a good way to approximate how much insurance you will need in the event your belongings are stolen or destroyed.
Get a renter’s insurance quote
Just call one of our experienced insurance agents to help determine the best coverage and plan for your financial situation. Remember that a higher deductible means a lower insurance premium and a lower deductible means a higher premium – plan your renters insurance budget accordingly.