Wednesday, May 6, 2015

Do You Need Renters Insurance?

These days, companies will try to sell you all kinds of insurance. There’s car insurance, life insurance, and a multitude of other types of insurance. If you rent a home or apartment, you’ll probably also be pressured, or, in some cases, even required to purchase renter’s insurance. You may be wondering whether or not you actually need this type of insurance, and the short answer is that yes, you do.

Renter’s insurance protects you, first and foremost, from unforeseen accidents. You might think
things like flooding and fire will never happen to you, but the truth is, they do happen to people every day. If, God forbid, you ever come home to find your neighbor’s bathtub has overflowed onto your floor, or an outlet sparked and started a fire, you want to know there’s restitution for your belongings and funds to provide you with a place to live. With renter’s insurance, you have that peace of mind.

On the flip side, what if you’re the one responsible for that fire, flood, or other incident? If an accident on your part causes damage to others’ property or injuries, your renter’s insurance can protect you from having to foot the entire bill yourself.

The good news is that renter’s insurance, with all of the coverage it provides, is surprisingly cheap. Most people pay under $20 per month for their coverage, and discounts are available for things like installing protective devices, such as fire alarms. If cost is something you’re worried about, shop around for the best deal and ask your provider about possible discounts. No matter what you end up paying, it will be worth it when the time comes to actually take advantage of the protection your renter’s insurance offers you.

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