Homeowner’s typically understand the benefits of insuring their property because it is such a big investment and they want to see it protected. Unfortunately, not all renters are aware of the benefits that renter’s insurance can be for them and how relatively inexpensive it actually is.
Depending on your property and how valuable your belongings are, there are many options when choosing a package. Monthy charges can cost as low as $10 a month depending on the coverage you need. For $10 a month you can typically get around $5,000-$10,000 worth of coverage depending on the insurance provider you choose.
So you may be asking, so what would the benefits be to me to have $5,000 - $10,000 worth of coverage?
Protection from theft:
You have the peace of mind that knowing if you are the victim of theft, your belongings can be replaced. Just for example, it could be your laptop, Ipad, Ipod, jewelry or even your collection of silver spoons from all the vacations you’ve visited throughout the years.
Protection from fire
Each package is different , but not only can it cover your belongings if damage, it can also cover the cost of having to stay in a hotel , or meals while your rental is being repaired and treated for smoke damage.
Protection on damages that are caused by you
Shop around with different companies, because each plan is different. Some may include damage that your pet may cause, or accidental things like your lawn mower slinging a rock into a window.
Protection from visitor’s injuries
Renter’s liability insurance may cover an injury acquired at your rental by your guest. Look at all of the options and see how that could work in your favor.
Even though you are not the homeowner, renter’s insurance does provide you with many protections that may be beneficial in the future or in the event of an emergency.
For an extra $10 a month, it may end up saving you big expenses in the future. It’s definitely something that all renters should research.