3 Reasons You Really Should Have Renters (Tenants) Insurance

It seems like such a simple concept: if you rent a house or apartment, you should have renters insurance.

Unfortunately, many people who rent don’t have coverage. Some people think they don’t need it, some people assume that their stuff is covered under their landlord’s insurance policy (which is not the case), and some people just don’t even think about insurance when they get a new apartment.

If you are one of these people, we urge you to reconsider. Renters insurance, also known as tenants insurance, is super cost-effective (usually less than $20 per month!) and can save you some serious dough if anything ever happens to your place.

Here are three reasons you should consider buying a renters insurance policy if you don’t already have one:

1. Renters insurance provides coverage for all of your stuff.

If your place burnt down, how much would it cost you to replace allllllll of your belongings? All your clothes and electronics, every pot, pan, knife, fork, and piece of furniture? Trust us – it adds up. Renters insurance covers all of your belongings against the risks outlined in your policy.

One thing many people don’t realize is that your renters insurance covers your belongings outside your home as well. If you have theft coverage and one of your belongings gets stolen while you’re travelling, your policy will help cover the replacement cost.

2. Your renters insurance policy will help you pay extra living expenses if something happens to your place.

This includes relocation costs and any extra living expenses you may incur, such as food and accommodations.

3. Renters insurance covers the medical payments of injured guests.

If you have a party and someone falls down the stairs and gets hurt, you could be held liable for the cost of their medical and rehabilitation expenses. Your renters insurance policy would kick in to help cover these costs.

Now isn’t all that protection worth the cost of a fast food meal each month? Contact your broker today to learn more about renters insurance. We hear the team at Cheep Insurance is great!