Why purchase Renters Insurance?
Could you afford to replace your entire wardrobe if your apartment caught fire? What about your phone, your laptop and all your furniture? If the answer is no, you probably need renters insurance.
Renters insurance can’t stop awful things from occurring, but it can make life a little easier if and when they do occur.
Your landlords policy won't cover you.
Some landlords require their tenants to have renters insurance, but if yours doesn’t, it’s not because they’ve got you covered. Many renters [believe] that, since their landlord has insurance, it covers damage to their property. This is not the case.
Landlord insurance covers the structure of the building but not tenants’ personal belongings. If your TV is stolen or your dishes are lost in a kitchen fire, your landlord’s insurance won’t pay to replace them — but a renters policy probably will.
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The cost is less than what you expect.
The average cost of renters insurance is $168 a year, or about $14 a month, But if you have a car, you could pay less by bundling your renters policy with your auto insurance, thanks to multipolicy discounts offered by many carriers.
You may also be eligible for discounts if your apartment has smoke detectors, burglar alarms or other safety and security devices.
If the worst happens, you’ll likely be glad you paid for the coverage. Renters insurance is the best defense against things in life you have no control over, Once covered, most people see the benefits.