5 Reasons You Need Renter’s Insurance
Are you wondering whether you should buy renter’s insurance? If so, you aren’t alone! There are more than 43 million tenants in the United States alone, and each one is faced with this important decision.
At first, it may seem wise to forego buying insurance coverage to keep more money in your pocket. When you take a closer look at renter’s insurance, you’ll have a better appreciation for why insurance is money well spent.
Read on to learn five reasons you need renter’s insurance!
1. Landlord Requirements
Have you looked closely at the lease between you and your landlord? There’s a good chance that the contract may include a term that makes it a requirement to have an insurance policy.
The law does not require a tenant to have renter’s insurance, but 41 percent of renters still have insurance coverage. A landlord may choose to require a tenant to have insurance because it protects the landlord and the tenant.
When you buy a renter’s insurance policy, your landlord will typically want their name on the policy as an additional insured.
2. Protect Your Possessions
Paying premiums and insurance deductibles is often far cheaper than replacing lost or damaged possessions. For example, in the event of a break-in at the apartment you rent, you are at risk of losing many valuable possessions.
If you have renter’s insurance, you can make a claim under your policy to recover the value of your lost or stolen possessions. This includes items like laptops, digital cameras, or valuable collectibles.
3. Defend Against Lawsuits
Renter’s insurance by Apollo Cover can cover your legal defense costs in the event of a lawsuit. How can you, the tenant, be sued after an injury happens on the property you do not own?
If someone is visiting your apartment and slips and falls while inside, they may have a claim against you and the landlord for negligence. The strength of the claim depends on the facts, but your renter’s insurance will cover the cost of an attorney to represent you during the process.
4. Living Expense Coverage
Whether you own or rent, where you reside is essential to your life. If you are displaced from your apartment because of a natural disaster, fire, or another event, your insurance policy can cover your living expenses.
Depending on your policy, these can include things like your hotel cost and meal reimbursement during the time you are outside of your rental property.
5. Fair and Affordable Pricing
Insurance prices and insurance deductibles can vary depending on your coverage level, but in a state like Florida, the average cost of a renter’s insurance policy is $191!
Paying less than $200 for thousands of dollars in coverage makes renter’s insurance affordable for many people regardless of age or income level.
The Importance of Renter’s Insurance
Buying renter’s insurance is an important choice for you to make as a tenant. By taking time to weigh your options and the cost of coverage, you can make an informed decision about what’s best for you.
Check out our blog section for other great posts with tips and tricks to put to use in your life today!