Why Renters Insurance is Essential for Every Tenant
- Charlotte Burr
- Feb 12, 2024
- 1 min read
Updated: Jun 24, 2024
Only 57% of renters in the U.S have renters insurance so why is it important to have? Here is a list of 5 reasons why you should have renters insurance:
It Covers Your Personal Property: All of your personal items including clothing, electronic devices, jewelry, and furniture will be covered by renters insurance depending on your coverage rate.
Most Landlords Require Renters Insurance: Landlords will have insurance that covers the structure that you live in but none of your personal belongings. In order for your Landlord to not be liable they often require you to get some type of coverage.
Liability Coverage is Important: Hypothetically, if one of your friends was injured in your apartment and needed to get emergency surgery, renters insurance can pay the cost depending on your coverage. This is better known as liability coverage.
Renters Insurance Helps Protect You From Theft: Whether you're out of the house for a nice dinner or on vacation in Jamaica for the week, if your personal property is stolen from your house or apartment, renters insurance is there to help you replace your lost items.
Possibility to Cover Additional Living: If your house or apartment gets flooded or has a termite infestation, renters insurance can cover some of your living expenses while you're not able to live in your rented space.
Independent insurance brokerage located in Tempe, AZ. We offer auto insurance, homeowners insurance, life insurance, renters insurance, commercial insurance…
Information source: https://www.investopedia.com/articles/personal-finance/082714/6-good-reasons-get-renters-insurance.asp
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