The short answer is everyone needs renters insurance at some point in their life!
Insurance generally, feels like a rip-off and I don’t disagree. But this little nugget of advice will benefit everyone, everywhere!
Why? That’s an easy answer if you have rented, will rent, or know someone who is renting a home or apartment. If you are a wise and experienced person at any phase of your life, someone will ask your opinion on renters insurance. I want to help put this question to bed, forever. The answer should always be YES! You need renters insurance!
First off, a full term of renters insurance will cost approximately $120 for the entire year. Most commercial companies and landlords offer it as an inclusion to your rent, and it is generally paid monthly. For approximately $10 a month, anyone renting can be protected from the biggest risks you can face living in someone else’s home.
The first risk is being sued by the owner or the owner’s homeowner’s insurance company! If you cause damage by accident to a home that doesn’t belong to you, they can sue you for the cost to repair it! Accidents happen, and no one expects them or creates them. They are accidents, they will happen and when they do, they are not always a small expense. Think small kitchen fire, a busted washing machine hose that you didn’t know was leaking. These small accidents can cost between 40 and 50 THOUSAND dollars to repair. Do you have that much money?? I can assure you, it will cost more than $120!
The next one is simple, 99% of leases require it! If you don’t have it, and the lease states you are required to get it, guess what??? You are in breach of the legal contract and your lease can be terminated for nonperformance! This means you are homeless and have lost your deposit, and you can be sued for damages that would have been covered by your renter insurance.
Ok, this one is super simple. If the home floods, is broken into, a tree falls onto it, it catches fire from NO-FAULT or accident of your own, you lose everything and potentially must move out. Guess who would come in and help you replace your personal belongings and pay for your loss? Your renter’s insurance! The landlord has no legal responsibility for your things. The homeowners’ insurance they have only covers the physical premises and nothing more.
Hopefully, we can all agree that the final answer is yes, you need renters insurance! Now, hurry and call your current car insurance provider and add it asap! You can also shop for it very easily online. Statistically, only 50% of renters have insurance. Which one are you?
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