The Importance of Renters Insurance

I hope you all had a safe and happy Fourth of July! This is a great time of year to think about getting renters insurance. For instance what if someone nearby miss fires a firework and it lands on your luxury apartment roof and burns down the entire complex.

You could lose all of your belongings and have to pay out of pocket to replace everything. Having renters insurance would save you a lot of money and stress.

Why Renters Insurance is worth it

Renters insurance is worth it because life can be so unpredictable. When living with many other tenants, you never know who is going to accidently leave their burning candle unattended, or oven on with last night’s dinner in it.

Having renters insurance will protect you from unexpected disasters like these and others for an affordable price. By taking on a renters insurance policy, you are paying a reasonable cost now (typically around $20 a month) to protect yourself from having to pay large, unpredictable costs in the future.

Because of its varied coverage, there are many benefits of renters insurance. It insures you against personal property damage, personal liability, additional living expenses, theft, and medical expenses.

These features provide coverage that for sure will outweigh any amount you will pay for a policy each year. For instance, a typical renter’s insurance policy will cover around $30,000 in personal property damage and $100,000 in liability costs.

These limits are adjustable depending on your preferences and needs. These coverage levels are much higher than the cost of an average renter’s insurance policy, which is around $200 per year.

The main purpose of renters insurance is to cover you from a number of possibly devastating scenarios and it is important to purchase a policy even if it is not required by your landlord.

Why Consider Renters Insurance

Purchasing renters insurance is a really good decision. Whether you are able to afford to cover unexpected expenses or not, it is the decision you should make. If you are low on funds, you will need renters insurance to cover the risk of losing everything in a tragic event, for an affordable price.

Even if you have enough money to self-insure and cover a disaster in full, the price of insurance is small compared to the amount you would be charged for property repair, property replacement, and liability expenses in a major disaster.

Make Sure to Take Advantage of Renters Insurance Discounts

There are many insurance companies that offer many discounts on renter’s insurance policies. If any of the savings apply to you, you should make sure you take advantage of them to get the best value that is available.

Larger insurance companies with a number of policy options may offer an auto renters insurance bundle, this could help save you anywhere from 3% to 10% on your premium.

A lot of insurers offer discounts for safety features in your apartment, this could be a central burglary and fire alarm systems. Be sure to look into the special discounts and offers insurers provide. This will help you get the most out of your money.

Life can be very unpredictable and it is important to be prepared for the moments that you do not see coming.