Top 10 Reasons to Have Renters Insurance
Homeowners insurance is a requirement for owning a home, but merely a suggestion when you rent. Although renters insurance is an additional expense many renters decide to forgo, it is a valuable financial tool to protect your personal belongings. If you’re unsure whether it’s worth the expense, review the top 10 reasons to have renters insurance.
- Having renters insurance will pay to replace your belongings for you.
- Unless you have collectibles and prices antiques, renters insurance often has affordable rates lower than $20 per month.
- Renters are liable for injuries to guests caused by their personal property or pets.
- Renters insurance will help you replace your property in the event of theft.
- While the landlord is responsible for repairing structural damage caused by weather, he or she does not have to pay for anything of yours that was damaged as a result.
- When you live in an apartment, every neighbor surrounding your apartment is a potential fire hazard.
- Renters insurance will pay to replace destroyed electrical equipment in the event of a faulty wiring causing a power surge.
- If you must take the time to shop for new belongings, you can take comfort in knowing you’re only out the shopping time, not the total bill.
- A good renters insurance policy will often protect you in the event of fire, theft, flood, vandalism, smoke, weather events and possibly even civil riots.
- You will gain peace of mind when you have renters insurance.