The Importance and Benefits of Purchasing Renters’ Insurance
Even though you may not be a homeowner, renters’ insurance provides you with protections that may be beneficial in the future or in the event of an emergency. An extra $10 a month for renters insurance may end up saving your finances in the future.
Renters’ liability insurance compares equally to full coverage car insurance Renters’ Liability Insurance protects you from most of the damages that you may cause. Renters’ Content Insurance covers the replacement value (or current estimated depreciated value) of items that are stolen, damaged by fire or in some cases, lost.
According to the National Association of Insurance Commissioners, an insurance policy that includes both renters content insurance and renters liability insurance will cost you $15 to $30 extra each month. Most car insurance companies can attach your renters’ policy to your car insurance policy. This way you can have one bill a month and possibly save money on both your car and renters policy.
If you live in an apartment building, especially if there are several other apartments in the building, it’s a good idea to have insurance in case your neighbor has a fire or water damage and it affects your apartment.
In short, there are 4 very significant benefits you get from purchasing renters’ insurance:
- Protection from theft. – Coverage for stolen property
- Fire protection – If there’s a fire in your building, you can collect for damages
- Damage that you cause – If you cause damage that affects your neighbor (such as fire or water damage from an overflowed bathtub.
- Protection from a visitors’ injury – Medical and/or legal bills if you have a visitor that slips and falls in your apartment.
Consider adding a renters’ insurance policy to your auto policy, save money and have peace of mind if you rent.