Over 100 million Americans rent the property that they live in from a landlord who has taken on the role of being the homeowner. While some people dislike their landlords, they rely on them to take care of all of the important things such as repairs and insurance – but is this their job? While you might think that having insurance is something which your landlord takes care of, this is not always the case.
While many people believe that they don’t need renters insurance in 2019, there is strong evidence to suggest otherwise. In this article, we are going to talk you through what renters insurance is and why it is important that you have it. Keep reading to find out more about this.
What Is Renters Insurance?
Renters insurance is a kind of insurance policy that covers the property that you are renting. This insurance is just like home insurance although it is specifically designed for those who do not own the property. While your landlord might have their own version of homeowners insurance, renters insurance covers different things and it is very important.
According to iii, the cities with the largest proportions of renting households in 2017 were New York with 45% and LA with 39%. This shows that there is a lot of people renting rather than buying and it is why renters insurance is so vast as these locations would warrant a different kind of insurance premium.
How Much Does It Cost?
Renters insurance doesn’t always cost the same amount per household but generally, you are looking at around $15 per month. Lemonade look at the renters insurance cost in more detail so it is worth having a look to see what it could cost you.
The cost of your renters insurance might seem unnecessary, but it is often worth it. You’ll only pay for what you need, and this is based on your location and the kind of property that you live in. Having a quick browse online will present you with various quotes that you can use to find a good price for your renters insurance.
What Does It Cover?
If you are considering cancelling or not taking out your renters insurance, then it is important that you find out a bit more about what this kind of policy will cover. Firstly, you’ll find that it can cover your personal property which means that you won’t have to worry about your possessions getting damaged or stolen.
Renters insurance also usually covers temporary living expenses should something go wrong which can be very important. You might also be interested to know that personal liability and medical bills are covered under renters insurance which means that you are protected if someone were to injure themselves in your rental property.
Why Is It Important?
There are many reasons why renters insurance is important including the fact that it can make you feel protected. If anything were to go wrong in your property and you didn’t have renters insurance, then you would have a lot to deal with and it would cost you your savings. Many people enjoy the peace of mind that comes along with this kind of insurance so make sure to consider this.
You might also find that your landlord requires you to have renters insurance when you are staying in their property. They don’t want you to leave unexpectedly because something has happened, they want the problem to be solved quickly and your insurance can help with this. If you were not insured, then the responsibility could fall on them and this is not something which any landlord wants to risk. While it is not usual practice, they could require you to get it.
Final Verdict
As you can see from this article, it is often better to have the protection of renters insurance if you are living in a property that is not yours. Things can go wrong at any minute and you need to be willing to deal with the consequences should you need to pay for damages.
If you don’t already have renters insurance, then you should try to find one within your price range. Don’t let the cost of this insurance put you off as it will be worth it if something does go wrong in your property in the future. Follow our advice and you’ll see the benefits of this kind of insurance as time goes on.
