Homeowners with mortgages are required to carry homeowner’s insurance. While renters may not have that requirement, their personal belongings may be damaged due to events beyond their control. Here is where insurance for renters comes in handy.
Renter’s insurance is a policy that offers coverage to individuals that rent rather than own their home. If a tenant’s possessions are damaged from fire, vandalism, or theft, they can be replaced with renters insurance. Insurance for renters also offers liability coverage in case someone visiting is hurt on the property.
Rent insurance is very affordable and, depending on the policy, may be purchased for under $200 per year. Once you file a claim, you pay a deductible, and the insurance company pays the rest to either replace or repair whatever was lost. The amount they pay depends on the policy. Renters insurance, depending on the company, can offer various types of coverage.
Typically, landlords provide coverage on the actual property or structure but not on your personal belongings. Although you may think you don’t own much or nothing of much value, it’s always surprising how much it would cost to replace assets without renters insurance.
You can’t always be home protecting your belongings, and the benefit of rent insurance is to give you the assurance should the unthinkable happen.
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