Many renters wonder why they’d need renters’ insurance. Surely the property owner has insurance, right?
Of course, that’s true – but many tenants don’t realize that the landlord’s insurance generally covers only the building and grounds, not the residents’ property inside. That means that in the event of a fire or other accident, you could end up replacing your furniture, electronics, athletic equipment and other property out of your own pocket.
If you’ve just been through a disaster, the last think you’ll want to worry about his how you’re going to replace the things you need to rebuild and move forward. And renters’ insurance will also cover you in the event of a break-in. The good news is that basic renters’ insurance is very affordable. Depending on where you live, how much property you have in your apartment and what valuables you want to insure, you might find that a renters’ insurance policy costs as little as $10/month. That’s a very small price to pay to protect the goods you rely on every day. Check with your automobile insurance company for rates and coverage, as you may be eligible for a multi-coverage discount if you purchase renters’ insurance through the same company