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Top 10 Reasons to Have Renters Insurance

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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.

  1. Having renters insurance will pay to replace your belongings for you.
  2. Unless you have collectibles and prices antiques, renters insurance often has affordable rates lower than $20 per month.
  3. Renters are liable for injuries to guests caused by their personal property or pets.
  4. Renters insurance will help you replace your property in the event of theft.
  5. 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.
  6. When you live in an apartment, every neighbor surrounding your apartment is a potential fire hazard.
  7. Renters insurance will pay to replace destroyed electrical equipment in the event of a faulty wiring causing a power surge.
  8. 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.
  9. 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.
  10. You will gain peace of mind when you have renters insurance.
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