A lot of people choose the option of renting their homes. If you are renting your home or apartment, have you taken the appropriate measures to protect its contents? Perhaps you assume that your belongings are already insured, under the homeowner’s insurance policy but, this is not necessarily the case. Renters insurance, however, is designed to cover you against the sudden loss or damage of your belongings and cover you for any damage incurred to a neighbor’s property, etc. Of course, the amount of money you are covered for will largely depend on the type of insurance policy you choose.
Why do some renters choose not to get renters insurance? Some may feel that they cannot afford it, however, renters’ insurance is surprisingly affordable, some policies can even be less than 20 dollars a month. Another possible reason for not obtaining renters insurance is that someone may not feel their belongings are worth having coverage for but, if you had to replace all of your possessions, how much money would you need to replace them? A lot. There are also those tenants who are not aware that renter’s insurance is an option for them or, as we mentioned above, they may just think the homeowner’s policy covers them.
As we can see, covering your personal possessions is important in a rental property, especially when you consider how much it would cost you to replace them and how affordable a renter’s insurance policy can be.