In my opinion renter’s insurance IS worth the cost, mainly because it’s super cheap, but protects you if your rental say burns down, is broken into, or you have some other emergency situation happen.Your rental landlord most likely has insurance but landlord insurance tends to cover stuff like structural damage to the building but for sure won’t cover your personal property.
If you’re thinking you don’t need renter’s insurance because you have few valuables you’re most likely wrong. You don’t need gold statues to benefit. Renter’s insurance can be set up to cover electronics, clothing, albums, and more. Your whole clothing collection and your TV cost way more to replace than insurance will cost you.
What will a policy cover?:
Most of your home goods. A basic renter’s policy will not usually cover natural disasters like a major flood though. You’ll need to look into extra insurance for that. Talk to an insurance company to get an idea of what is and is not covered. It’s helpful if you create a good home inventory list before shopping for insurance because this list can help an insurance agent find you the best coverage for your needs.
How much does it cost?
I’ve had renter’s insurance at many different dwellings and it’s always averaged around $20-30 a month, although I know it can go as low as $15 a month. If you lose all your possessions in a home crisis, it’s going to cost you far more than that yearly fee of about $300. Plus you can get usually get a discount if you double up your insurance; for example, if you get auto and renter’s through the same company. You can also usually get discounts if your home has fire or burglar alarms, fire extinguishers, sprinkler systems, or deadbolts.
Of course discounts don’t always come easy so be sure to shop around.
What do you think? Do you have renter’s insurance? Why or why not…