Do I Really Need Renters' Insurance?

One of the most frequent questions insurance agents receive from renters is whether or not they need to ensure their property. Suppose you have been renting for some time and have not had renters' insurance, you may feel like it's an unnecessary expense. You may feel like each month; you are throwing money away. But, what if something were to happen? If your apartment building burned down, could you replace the belongings inside? What renters' should know is that the landlord's insurance does not cover your personal property. That means should a devastating act happen, your property would be lost, and you would have to replace it yourself.

For anyone that has valuable property and keeps it at their rental home, you should have renters' insurance. This is a must. You never know what could happen, including robbery. These things can cost you severely and leave you unable to replace your lost or stolen items. Speaking with your insurance agent can determine whether or not items can be covered. In most instances, if they have any value, they can be.

If you are not feeling highly safe in your area, it may be best to get renters' insurance. Guarding against life's what-ifs, including break-ins, is a must. If you live in a not-so-desirable area, it can give you greater peace of mind should anything happen. Most insurance policies will guard against theft. So, if you're living in an unsavory area, the insurance policy may be more expensive.

Could you afford to replace any item should they become damaged or stolen? This is the million-dollar question that renters need to ask themselves. If you could not replace your TV, couch, bed, or other belongings if something were to happen, renters' insurance may be the better choice. Because renters' insurance is relatively inexpensive, you can get the amount of coverage you need to replace items.

What would happen if you didn’t have Renters Insurance and your home flooded? You would have to replace all the items damaged. This could include your furniture, clothing, food, jewelry, etc. Sure, you could go without having insurance. You could change the unthinkable happening and have to replace all your home goods. But, with the cost of renters' insurance being extremely affordable, it doesn't make sense not to. The average price is roughly $20 a month. This is more than affordable, especially given $20 is often less than most spend going out to eat for a night.