In the realm of insurance, the renter’s variety is typically overlooked. Renter’s insurance provides you with liability protection while also covering your personal items that may have a risk of being damaged or stolen for various reasons. Some landlords and property management companies require renter’s insurance, while others leave it up to your discretion. However, if you’re not required to get renter’s insurance, you should definitely look into it. If you’re renting a property, it’s not your job to insure the property structure, it’s the homeowners. Even though you’re not responsible for the structure, you are responsible for all of your belongings inside
So, you’re probably asking yourself if renter’s insurance is actually worth it. Well, imagine that the home you’re renting is broken into, and your expensive television is stolen, if you don’t have renter’s insurance, you’re at a loss…but if you do, it’ll cover it! Renter’s insurance covers things like theft, vandalism, fire, etc. It’s not your landlords responsibility to reimburse you if something happens to your belongings; by law they’re not the liable party, you are.
Of course, the topic of financials is also highly important to consider. Much like car insurance, you can receive a discount on renter’s insurance if you pay it all in a lump sum for the entire year. The biggest financial plus about renter’s insurance is that it’ll cover your belongings if something happens to them. You won’t need to dish out a ton of money to replace whatever was damaged or stolen.
Consider your possessions, and possible liabilities, and think about whether or not renter’s insurance is for you.