Top 3 Reasons to Have Renters Insurance

If you’re renting an apartment or a house and don’t have renter’s insurance, you are most assuredly not alone. According to several sources only a small amount of tenants in the U.S. have renters insurance. And this, by the way, is despite the relatively low cost of having such coverage. A study revealed that the average cost of renters insurance is around $180 per year or roughly $15 a month (depending on your valuables). This is a small price to pay given the peace of mind that it offers if disaster strikes. But still, purchasing renters insurance is a very low priority for many people. For some, it is not a consideration at all. Here are top 3 reasons to have renters insurance.

Some people are reluctant to get renters insurance because they don’t know what is covered. An insurance policy can be very beneficial in many instances. That said, here are the top 3 reasons why you should have renters insurance: Please consult with a Long Island Homeowners Insurance company for further information.

Coverage for personal belongings:
While we don’t want to think of it ever happening, fires and flooding can ruin your furniture, clothes, electronics, and so much more. You could also lose these same possessions if someone breaks into your apartment or rental home. Having renters insurance means you will have help covering the cost to replace your belongings.

Temporary living expenses:
If an apartment or home becomes severely damaged due to a fire or flooding, it becomes inhabitable. And this is where renters insurance can help. As some policies will provide coverage for a place to stay, meals, and other related expenses when an individual’s home is deemed inhabitable due to a fire, flooding, or both.

Personal liability coverage:
Renters insurance can typically include personal liability coverage. This can helps pay for medical bills and other expenses should a friend, family member, or even an acquaintance suffers an injury while at your home or apartment.

Bottom Line

There is a number of reasons to have renters insurance if you’re a tenant in a house or apartment. Considering that the cost of the average policy is just pennies on the dollar, it makes no sense to go without it.