We all know that homeowners need home insurance and motorists need car insurance, but what about renters? If you rent an apartment or home then you more than likely have been encouraged by your landlord or leasing agent to purchase renter’s insurance for your apartment.
If you’re wondering if you should purchase renter’s insurance, there’s just one simple question you have to ask: do you rent? If the answer is “yes,” then you should definitely purchase renter’s insurance.
What if I Don’t Own Many Personal Items?
Whether or not you own a lot of high-priced items or very few low-cost items, it’s important to make sure that everything is covered under a comprehensive insurance package.
All rental properties are susceptible to a wide range of damages. Fire, theft, or even a broken appliance can damage items in your rental property or the rental property itself. A common reason that people avoid renter’s insurance is that they don’t think their belongings are worth the coverage.
The truth is, many renters underestimate the value of their possessions. You might be surprised by how much it would cost to replace items lost in a damage scenario. Additionally, it’s important to consider the sentimental value of these items.
But Won’t my Landlord Cover Any Damages?
Most insurance policies purchased by landlords only cover the property itself, not the items housed in that property. Unless the landlord is directly responsible for damages to your personal items, then the landlord will not be held legally responsible for those damages.
Does Renter’s Insurance Only Cover Personal Belongings?
Accidents happen all the time. Your apartment or rental property might be flooded, damaged by fire, or even broken in to. In these instances, it’s not unusual for another tenant’s property to be damaged as well.
Renter’s insurance protects you from these situations. In addition to covering your personal belongings, it can also cover the property of those in proximity to your rental property who might suffer damage in addition to damage directly associated with your property.
Is Renter’s Insurance too Expensive?
Car insurance and homeowner’s insurance are generally larger additional costs, but renter’s insurance is very low by comparison. On average, the cost is an additional $185 a year (or less than $20 a month).
Don’t forget, there are also several tips on how to save money with renter’s insurance, especially in Nashville. If you have any more questions about renter’s insurance, please give us a call today!