One of the biggest mistakes that renters make is not getting renters insurance. Regardless of whether you are renting an apartment, condo or house, you need renters insurance. Many people think that renters insurance is an unnecessary expense because their property manager has insurance. However, the manager’s insurance only covers the building. It does not cover your belongings.
There are a number of reasons you should get renters insurance. Below is a list of reasons that you should get renters insurance:
If someone gets injured while at your home, then you may be the one who is held responsible. The person could sue you, and you could be forced to pay for the medical bills. Renters insurance can cover the medical bills, which can prevent you from being sued.
Theft And Disaster Coverage
Your belongings probably mean a lot to you. This is another reason you should get renters insurance. If someone breaks into your home, then you can file a claim and be reimbursed for your losses. Your belongings are also covered if they are damaged by a disaster, such as a fire.
Many people think that they do not need renters insurance because they do not have a lot of belongings. However, your belongings are probably worth a lot more than you realize. In fact, the average renter has over $20,000 worth of belongings in their home.
Coverage For Damages That You Cause
If you cause damage to someone else’s home, then your renters insurance may pay for the damages. For example, if you start a fire and it spreads to another apartment, then you could be held responsible for the damages. Your renters insurance may pay for the damages.
Renters insurance is very affordable. In fact, most policies only cost between $10 and $15 per month. You can get a lot of coverage for a low price.