Did you know that in one recent year there were over 48 million rental units in the USA?
Renting is often your easiest and best option for your first independent accommodation. Whether you are moving out of home for the first time, testing the waters in a new city, or biding time until you can buy, there are plenty of options available.
However, renters have precious little security. You are likely not covered by the insurance policy that covers the building itself. If you are a renter have you considered renters’ insurance? What benefits could it have for you?
If you have asked yourself “do I really need renters’ insurance?”, why not read on to find out what it can do for you?
It Costs Less than You Think
Insurance can be very expensive, however, you may be surprised by the low cost of renters insurance. Most people are able to get insurance for less than $200 per year.
Of course, there are a number of factors that dictate how much your premium will be. This could include your location and the coverage you are looking to obtain.
Why not check out this renters insurance coverage to learn more about the options available.
How Much Coverage Should my Renters’ Insurance Policy Have?
If you are wondering “what should my renters’ insurance cover should be?”, you may be encouraged by the options available.
Whether you are holding a lot or a few personal possessions in your rented property, you can get coverage for it all. If you take a few minutes to count up how much your personal possessions, including TV, tablet, phone, you may find out that it is worth the premium.
You are protected against a surprisingly wide range of accidents. These even include riot or civil commotion, smoke, and theft.
Is Renters’ Insurance Legally Required?
The government does not legislate that you should have renters insurance in every state. However, you may find that your landlord will require you to have it.
This is becoming more and more common as landlords realize the benefits of renter insurance coverage. In many cases, they will write it into the contract and expect to see proof of your insurance when you sign for the apartment. Often, this is because the landlord’s insurance company has mandated it.
What Other Coverage Does it Provide?
If you are wondering how to find the right renters’ insurance, you may want to factor in liability coverage. This would provide additional cover for other people who may enter your home and subsequently have an accident.
This can protect a person or a landlord from the cost of litigation should a workman visiting the home suffers an injury.
Why Renters’ Insurance is a Great Idea and Much More
If you are thinking of moving into a new place and are wondering whether getting renters’ insurance is a good idea, the answer is yes. The principles that we have discussed show why this is real protection to renters that they should not do without.
If you are interested in reading more articles like this, why not head on over to our blog page to learn more?