You all want to increase your financial safety, right?
Health Insurance? - Of course, you have it!
Car Insurance? - Obviously, Yes!
Life Insurance? - To be sure, the first option for family protection.
But what about renters insurance? Do you need it?
According to the insurance data, 95% of homeowners have homeowners insurance, and only 40% of renters have renters insurance. This is because any state does not legally require renters insurance, so many renters think about whether this type of policy is even necessary or not. So, let's discuss what renter insurance is, what it covers, how much it costs, why it is required to purchase, and many more things.
So read on to find out:
What is renter insurance?
The renter's insurance covers your personal belongings if they are stored on or inside the property. It includes furniture, sports equipment, clothing, and anything that is in your house. It also covers your personal belongings stored at other locations, such as cars. Renters insurance covers theft, bodily injury, and loss due to fire, wind, and water disasters. Contrary to homeowners insurance, most policies do not cover the structure of your building if you are forced to move out of your lease due to damage.
What is the requirement for renter's insurance?
A landlord might ask you to purchase renters insurance before moving in, but it is not required by state law. Landlords often have multiple tenants in their buildings, so requiring renters insurance helps to ensure the landlord is not held liable in case of damage to a tenant's property.
Due to the fact that renters insurance is not a legal requirement, some renters may opt-out of it completely. But, even if your landlords do not require renters insurance, it is still beneficial and worth purchasing it. During your lease agreement, unforeseen events can happen, and accidents are unavoidable. Therefore, you will probably want insurance to protect yourself from potential losses.
What is the purpose of renters insurance?
There are many reasons where renters insurance is helpful. For example:
If you leave your laptop or mobile in your car and your car is stolen, then your renter's insurance helps cover the cost of your things.
If your dog bites your neighbor, it covers your neighbor's medical bills or any necessary costs.
Cover's neighbor's or other people's property that you damage.
This policy covers injuries that occur at your place of work or are caused by you.
Imagine a pipe burst and the water damages your furniture and electronics; then you will have the replacement coverage of your items. And also, it covers your hotel bills while your rental undergoes repairs.
Expenses for loss of use if your apartment is not at fault.
Theft of packages with proof of purchase and delivery.
Renters insurance: where to buy and how much to pay
Renters insurance is easy to buy, and almost all insurance offers this policy. Your current auto insurance provider is an excellent place to start when you decide to purchase renters insurance.
Renters insurance also has the benefit of being affordable. According to insurance data, an average annual renter's insurance premium is $179. As with other insurance policies, the cost of your policy is determined by many factors, including the coverage you choose and your location. As a result, the average premium rate varies widely from state to state, affecting your area.
Final Verdict
There have been many times when you asked yourself and wondered, "Should I get renters insurance?" Yes, you should, because it offers you coverage for many events of damages like theft, wind, and fire. Even though it's not legally required, it protects you from disaster by providing liability protection and coverage for your things. So yes, it is always worth it to buy renters insurance and protect your belongings by making the right decision.