Should You Purchase Renters Insurance?

When a person is renting their property, they have the option of purchasing renters’ insurance.   This type of insurance is designed to compensate the tenant for any unexpected calamities in the home.  Some of the basic things it covers are personal possessions, which pays to replace them should they be stolen or damaged in some way.  It also provides coverage for personal liability so that, should someone have an accident in your home or damage is caused to a neighbor’s property because of something like a water leak etc. then you will be covered for this.

Although renter’s insurance is an important thing to have, many tenants do have it.  What are some of the reasons for this?  One reason is that the tenant assumes a renter’s policy will be too expensive.  The fact is, however, that renter’s insurance is very affordable and, on average, costs less than $17 per month.

Another reason many decide not to get renters insurance is because they think their landlords’ homeowner’s policy will cover their possessions.  They may also think that their possessions do not have very much value, but just think of how much money would be required to replace the contents of a home.

Lastly, a tenant may not even be aware that renter’s insurance is available to them.  As we can see, there are many benefits to purchasing renter’s insurance and when we consider how little it can cost, it makes sense to have it.