When a person is renting their home, they have the choice of buying renters’ insurance. This kind of insurance is intended to compensate the tenant for any unexpected disasters in the home. Among some of the basic things it will cover are personal possessions, which will pay to replace them if they are stolen or damaged in some way. It also provides coverage for personal liability so that, if someone has an accident in your home or some damage is caused to a neighbor’s property due to something like a water leak etc. then you, as the tenant, will be covered for it.
Even though renter’s insurance is an essential thing to have, many tenants do have it. What are some reasons for this? One of the reasons is that the tenant thinks a renter’s insurance policy will be too expensive. The reality is, however, that renter’s insurance is very reasonable and, on average, will cost less than $17 each month.
Another reason that many choose not to purchase renters’ insurance is because they assume their possessions will be covered by their landlords’ homeowner’s policy. They may also feel that their belongings do not have very much value, but just think about how much money you would need to be able to replace the contents of a house. Finally, a tenant may not even know that renter’s insurance is available for them.
So, as we can see, there are many advantages to buying a renter’s insurance policy and when we look at how little it can cost, doesn’t it make sense to have it?
