As a renter, you have a lot to think about. You have to find a place that has all the amenities you want. You also have to make sure you are close enough to work and to family. If you have a pet, you have to find a place that will allow them to live with you as well. Probably the last thing you are thinking about during the whole process of finding a place is renter’s insurance. However, this is one thing you shouldn’t neglect. You are setting yourself up for disaster if you don’t have proper renter’s insurance. Read below to learn more about renter’s insurance and why it’s so important.
What is Renter’s Insurance?
When you move into a house or apartment as a renter, it is up to you to insurance your possessions. That is where renter’s insurance comes in. You might assume you are covered by your landlord’s home owner’s insurance in the event of a disaster. Unfortunately, that is not the case. While the structure might be covered by your landlord’s policy, your belongings inside are not. Therefore, let’s assume your apartment catches fire. Your landlord’s policy will likely pay for a rebuild, it won’t reimburse you for the loss of all your stuff. It also won’t help you if you have to pay to live in a hotel or move into another apartment while yours is being rebuilt.
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Many renter’s feel they don’t own enough to merit getting renter’s insurance. In fact, according to a Money US News article, not owning enough to cover is a common myth associated with renter’s insurance. However, you likely own more than you think you do. Imagine having to replace everything you own. Even if you feel yourself isn’t that valuable losing everything you own is a substantial hit for anyone. However, you need to look at not just what you own when considering renter’s insurance. You can learn more about this