Renters Insurance - Should You Get It or Not?

Renters Insurance

Renters Insurance - Should You Get It or Not?

Everyone is renters insurance at some point in life. Some start early while others start late. Approximately 111 million (111,000,000) Americans rented in 2016. Of that number, about 9 million people were under the age of 30, while there were 27 million people between the ages of 30 and 65. Even among the elderly, there are about 6 million people over the age of 65 who have been tenants.

What is renters insurance?

The rental policy package covers three categories as follows:

Personal Property Insurance - This policy protects you from any loss of personal property due to theft, fire, or other unfortunate accidents. The truth is that many people do not know how many "things" they have in the apartment until it is too late. Take a look around the room you rent and consider how much it will cost to replace all of these items from your laptop, phones, TVs, gaming equipment, Xbox and DVD devices, illustrations, furniture, clothing, and jewelry. If your property is stolen or damaged, the owners' insurance does not apply to you. You are responsible for your property and that is why you need personal property insurance. It should be noted that not all property types are fully covered, so be sure to understand what is covered and what is not. Some groups are not fully covered.

I guess what you have is not worth much? 

Keep in mind that the estimated cost of replacing a TV is around $ 500. The estimated cost of replacing the bed is approx. $ 1,000. 

What about your clothes?

Liability insurance - This policy protects you from the financial damage that may be caused by someone self-harming themselves while you are in your apartment. For example, someone visiting you may need medical attention after slipping into the bathroom of your apartment or stumbling and falling. The financial burden of medical bills can be raised against you. With liability insurance, your insurance company is committed to helping you defend yourself against a potential lawsuit.

The additional cost of living insurance - This policy covers some of your expenses if your unit is damaged or something happens and you need temporary accommodation while your unit is not available. Expenses may include meals and hotel costs.

How much does renters insurance cost?

Policies can go up to $ 10 to $ 25 a month depending on how much of the unit you rent and how much you own. Renters insurance is really affordable for everyone and worth it.

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