If you Google the words “renters insurance” you will get about 3,440,000 results in 0.52 seconds. Most of these results are for insurance companies who want you to purchase renters insurance from their company. the facts are hard to dig out of all of the sales advertisements for buying insurance online. But what is renters insurance? Do you really need it?
Renters insurance covers different things based on the insurance company’s policy. You need to choose the policy that is right for you. Here are some facts about renters insurance that reveal how important it is to have:
- Your possessions really are valuable. Go around your residence room by room and take an inventory of all belongings and add up how much they cost. This will help you realize how much the contents of your apartment are really worth.
- When landlords have renters insurance, it usually only covers the building’s structure not the contents of the building.
- Renters insurance covers the cost of your belongings and damage that you cause to other tenants’ properties. For example: if your apartment’s bathtub floods and damages items in another apartment.
- Renter’s insurance is not very expensive, it is usually around $20 per month. It can also be added to your other insurance policies to get a bundling discount.
There are so many things to think about when you are starting a new career and moving into your first “adult” home after college. Purchasing renters insurance will give you one less thing to worry about when making this big transition.