You may know you need homeowners insurance when you purchase a home, but you may be unaware you need a renters insurance program when you rent or lease. The truth is you are in a precarious situation should any misfortune occur while you’re renting. Many losses would not be covered by the property owners insurance plan, including the following:
- Accidents or injuries inside your apartment or rented home
- Property loss from fire, flooding, or another natural disaster
- Tenant possessions were stolen from the rental property
- Replacement cost or reimbursement if the rented home becomes uninhabitable causing the tenant to evacuate temporarily (such as due to water damage after a flood)
- Damage your child causes to neighbors property
- Items you’ve borrowed from a friend that are in your possession when disaster strikes
The Cost of Renters Insurance
Not only can a renters insurance program protect you from these and other disasters, it is very affordable. Many policies are priced to accommodate college students, so the cost is very reasonable, especially compared to the high value. The cost of each policy varies based on coverage, so be clear about what is covered when you choose your policy.
You can benefit from a renters insurance program. Contact your insurance provider today to find a policy thats right for you.