Congratulations on your decision to rent! Regardless of whether you chose to rent your home or apartment over purchasing, you probably put a lot of thought into the pros and cons. It's not an easy decision to make, but now you're ready to take the next step.
After signing the lease for your rental, you’ll soon find that you have other decisions to make. You may be wondering if you want to keep your current furniture pieces versus buying new furniture, for example. Or maybe trying to decide which provider you should use for your internet and TV.
However, one of the most important decisions you could end up making is whether to purchase renters insurance. Wherever you live, you always face the potential risk of losing your home and/or possessions to fire, theft, water damage, etc.
What types of risks do renters need protection from?
- Fire
- Smoke
- Water
- Lightning
- Theft
- Vandalism
- Windstorm
- Explosion
Source: Zillow Porchlight
Your coverage against the risks listed above may be subject to limitations. Overall though having renters insurance can give you the peace of mind you need by protecting the things that matter to you as well as your own financial well-being. And, even better, many renters insurance plans are surprisingly affordable.
Let’s find out more about why renters insurance is a good investment:
- Renters insurance covers your personal property; your landlord’s insurance typically only covers the building itself. Often, the only time a landlord reimburses a tenant for personal property is when the damage or loss resulted from the landlord’s negligence.
- You need liability protection. This will help cover your costs in the event of accidents, injuries, and even common household mishaps related to you and/or your property, which result in another’s injury or damage.
- You’ll need money to cover the costs of replacing your damaged or stolen belongings – and it may cost more than what you originally paid for some of your older items.
What are your thoughts about renters insurance? Do you believe it’s a good investment?
Related Resource
Apartment Guide Blog 5 Reasons Every Renter Should Invest In Renters Insurance