It doesn’t matter if we have purchased our home or are renting it, one thing that is important to do is to have some kind of insurance that protects our possessions. While a homeowner will have a homeowners insurance policy, what about someone renting their home? This is where renter’s insurance is an important thing to have. Renters insurance is designed to cover a tenant’s belongings against unexpected catastrophes that might take place in the home. It is also there to provide cover for personal liability. This means that the tenant will be covered for damage done to a neighbor’s property or for anyone who might be injured in the home. Keep in mind, however, that there are different types of coverage depending on the policy you desire.
Doesn’t everyone have renter’s insurance? Surprisingly there are a lot of people who still do not have it. Some of the reasons for this are because the tenant thinks they are covered under the homeowner’s policy. Many feel that it will be too expensive or that their possessions are not worth covering. With some policies costing less than $17 per month, renters insurance can be very affordable. Compare this to how much you would need to spend to replace all those belongings and its easy to see it makes good sense.
Yes, having an insurance policy that protects us against calamity is a good idea whether we are homeowners or tenants.