Do I really need renters insurance?

As a renter, you might wonder about renter’s insurance. Down the line, someone has probably advised you to purchase it, but many still wonder if it’s really worth the cost.

The short answer is yes. Renters insurance can offer invaluable protection if the unthinkable ever does occur. Let’s take a closer look.

What is renters insurance?

Renters insurance is a product that protects tenants should they experience a loss in their rented property.

What you receive for claims depends on the type of loss as well as the amount of coverage you’ve purchased. There are different renters insurance products. With some, for example, you buy actual cash value coverage, whereas other policies offer replacement cost coverage.

Why should I purchase renters insurance?

While most landlords purchase insurance to cover damages to the dwelling itself, your personal belongings are not included in this policy.

That means if a fire, flood, robbery or other event occurred, your furniture, clothing, electronics and other possessions would not be protected.

In addition to covering your stuff, renters insurance also offers protection against liability. If, for example, a guest trips and falls inside your apartment, your policy could be able to cover costs of medical bills or a lawsuit if you were found liable.

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