There’s a reason your landlords are always suggesting renter’s insurance as a must-have. Just like any other type of insurance, it protects you in case of the unexpected. Although it may seem like an extra expense, it’s always better to be safe than sorry!
According to insurance professionals, the average person has over $30,000 worth of belongings in their apartment, and if a break-in were to occur or your apartment caught fire, it would most likely be difficult to replace your damaged or stolen goods right away.
So, without further ado, we’ve broken down the top 5 reasons you should get renter’s insurance:
1) It’s cheap!
According to most insurance companies, the average cost for renter’s insurance is just $12 a month! And that is just the average, there are some companies that offer it at an even cheaper rate! This cost per month is extremely worth it too, as many large tickets items are going to cost much more than a measly $12 or even $144 (the average cost per year) to replace.
2) Renter’s insurance covers all of your most important items
Most forms of renter’s insurance will cover those higher priced electronics you have such as your tv, smartphone, or laptop. It will also cover things such as expensive jewelry, and the bike you use to get to work every day!
These items are also the most commonly stolen items from homes and apartments, so if this is something you are concerned with, renters insurance might be a good option!
Even better news, according to Lemonade, renter’s insurance will even cover your items if they are stolen outside of your home, like at a coffee shop or while you’re traveling.
However, it is important to note that most base-level plans don’t typically cover the entire cost to repair or replace your items if you’re at fault, like if you accidentally damage or lose them.
3) Don’t forget about liability coverage!
Listen, we all know accidents happen! Plus, there are a lot of clumsy people that live on this earth (guilty). Renter’s insurance can also protect you if something happens to a friend or acquaintance while they are in your home.
For example, if someone that was a guest in your home were to slip and fall and then decide to take legal action against you, you would be protected thanks to renter’s insurance!
4) Just because your landlord has insurance, doesn’t mean you’re covered!
Many renters often think that because their landlord or property manager has insurance on their rental, that it will cover you as the renter and your belongings as well.
Unfortunately, this is not the case. The type of insurance they have will not cover any damage or loss to your most precious items such as the ones listed previously.
5) It’s easily accessible!
Renter’s insurance is a lot more accessible than one may think. You can access it through your insurance company by simply calling and requesting a quote for what the monthly cost would be or you can access it online!
Many online tenant services such as PayRent.com offer their tenants an option to get a quote right from their website! So you can pay your rent and get renter’s insurance in seconds.
So, don’t wait another minute! If renter’s insurance is something you don’t already have, now is the time to get so you are protected in case of the unexpected.
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Dave is a seasoned real estate investor with over 12 years of experience in the industry. Specializing in single-family residential real estate, David’s strategic approach combines market analysis, financial acumen, and a deep understanding of urban development trends to maximize investment returns.
