For the twentysomethings of the world, planning for retirement, drawing up a will, and purchasing life insurance all seem like problems for their future selves. In our 20s, most of us were more concerned with dating, developing a career, and paying monthly bills. Yet as we get older, it quickly becomes necessary to add auto insurance, health insurance, and even home owner’s insurance to those monthly bills. However, many people never get around to an incredibly underrated form of insurance — renters insurance.
Renters insurance policies are specifically designed for those who are renting a home or an apartment, and it can be an invaluable form of protection, even for cash strapped Millennials.
Why Invest in Renters Insurance?
Home insurance is legally required for anyone that owns a home, and since you don’t actually own the place you’re residing in, there’s a chance you might not find it necessary to purchase renters insurance. However, obtaining insurance for your rented living space offers a number of surprising benefits.
Most importantly, it’s extremely affordable. Renters insurance policies are known for their extremely low monthly premiums, especially when compared to auto insurance or health insurance. For less than the price of a video or music streaming service, renters can insure almost all of their worldly possessions from accidents and theft. On average, renters insurance only costs under $200 a year, in most cases. Plus, it’s one of the only forms of protection available to renters.
Your landlord’s insurance for the building will only cover the building itself. That’s all. So, say there was a fire. If anything that you owned was lost in said fire, the insurance that your landlord has wouldn’t cover the funds needed to replace your lost items. Many people believe that they are covered by their landlord’s policy; however, that isn’t exactly the case.
In many luxury properties, the landlord may actually require you to have renters insurance, as stated in your lease. They want to be able to make sure that everything within their building is protected. If an accident or robbery does occur, your assets would be fully protected and replaceable. Whether you want to protect your vintage comic book collection, expensive jewelry, your furniture, or simply want peace of mind, contact an insurance company about affordable renters insurance policies.
What Exactly Is Covered By Renters Insurance?
As an adult, you may love to travel. Imagine you were to leave for a trip outside of the country, but while you’re gone, a burst pipe floods the apartment and destroys your worldly possessions. Renters insurance actually covers the costs of damages and other losses, even when you’re not home to deal with them.
What else is covered by renters insurance?
- Damage to personal property such as clothing, furniture, appliances, electronics, and other valuables.
- Collections such as comic books, records, coins, and accessories.
- Your policy may even cover the cost of hotel rooms or other living arrangements if your apartment or home is no longer inhabitable.
- Liability protection is often included as well; this type of coverage will protect you if someone is injured inside your home
Having renters insurance is key for those renting an apartment or a living space of any kind, just like having auto insurance is key for those owning a car. It helps protect your items and your bank account in case something were to happen to the home.