Renters Insurance
If you rent an apartment, condo or home, are your personal belongings covered by renter’s insurance? If not, they should be.
According to a survey from the Insurance Information Institute, in 2014, only 37% of renters had renter’s insurance, compared to 95% of homeowners. Many renters believe that the owners' insurance will cover them should there be a loss of personal property. The landlords' policy protects the building, but it will not cover the renter's personal property.
Why You Need Renters Insurance:
If you are debating whether or not you need renter’s insurance, below are a few reasons why you need to make this investment.
- Renter’s insurance is very affordable, usually just a couple hundred dollars a year, based on the items you are insuring and the area you live in.
- It will protect your personal property in a wide range of situations like:
- Natural weather disasters
- Explosions, fire, and smoke
- Theft and vandalism
- Your landlord may require you to show proof of renter’s insurance before move-in