Global Courant
Everyone is a renter at some point in life. Some start early, others start late. Approximately 111 million (111,000,000) Americans rented in 2016. Of these, about 9 million were under the age of 30, while 27 million were between the ages of 30 and 65. of the 65 were tenants.
What is renters insurance?
A renter’s insurance policy includes the following three categories:
Personal property insurance – This policy protects you against loss of personal property due to theft, fire or other unfortunate incidents. It is a fact that many people do not realize how much “stuff” they have in an apartment until it is too late. Look around the space you’re renting and think about how much it will cost to replace all those things, from your laptop, phones, TV, gaming equipment, Xbox, DVD collection, artwork, furniture, clothing, and jewelry. If your property is stolen or damaged, your landlord’s insurance will not cover you. You are responsible for your belongings and that is why you need contents insurance. It should be noted that not all property types are fully covered, so make sure you understand what is covered and what is not. Some collections are not fully covered.
Do you think what you have is not worth much? Consider that the estimated cost of replacing a television is about $500. The estimated cost of replacing a bed is around $1000. What about your clothes?
Liability insurance – This policy protects you against financial loss resulting from someone injuring themselves while in your apartment. For example, a person visiting you may need medical attention after slipping in the shower in your apartment or tripping and falling. The financial burden of the medical bills can be used against you. With liability insurance, your insurer is obligated to assist you in defending against a potential lawsuit.
Supplemental life insurance – This policy covers part of your expenses, in case your unit gets damaged or something happens and you need temporary accommodation, while your unit is not available. The costs may include meals and hotel costs.
What does home contents insurance cost?
Policies can be as low as $10 to $25 per month, depending on how large a unit you rent and how much you own. Renter’s insurance is truly affordable and worth it for everyone.
Renters insurance – should you get it or not?
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