People who own homes tend to always get homeowner’s insurance, but not everyone who rents gets renter’s insurance. This is not always smart as renter’s insurance can provide coverage in a range of situations. While you don’t have to get renter’s insurance, it’s typically smart for a few reasons.
What Does Your Renter’s Insurance Cover?
Think of renter’s insurance as covering your belongings. By contrast, your landlord’s homeowner’s insurance covers the structure (and possibly any of his belongings inside the home).
You will also typically get personal liability coverage from your renter’s insurance. This means that if someone gets hurt on the property and you are liable, you don’t have to worry.
Renter’s insurance is also likely to cover extra living expenses if a claim means you can’t stay in the rental.
The following are some example situations where this insurance could be helpful:
- A fire
- Someone gets hurt
- A burglary
It’s Surprisingly Affordable
Renter’s insurance is surprisingly very affordable. It’s particularly affordable when you consider how much of a financial difference it can make.
The Coverage Applies If You Aren’t Home
One great thing about renter’s insurance is that it typically covers your possessions no matter where you are. That means that if you are on vacation and your home is robbed, you will get coverage. You may even get coverage on the possessions you take with you on your trip.
Some Landlords Require It
A growing number of landlords are starting to require renter’s insurance. You can definitely find a place to rent if you don’t have it, but it will be easier to find somewhere if you do. The idea is that your renter’s insurance provides coverage, so you are less likely to rely on your landlord’s and cause stress, whether or not his policy would even cover you.
