If you are renting a home or apartment, you may not think insurance is necessary since your landlord is required to have insurance. However, it’s important to note that your landlord’s insurance only covers the dwelling, not your belongings or specific unit.
If you want liability coverage in case you damage the property or someone is injured, you’ll need renters insurance. Renters insurance will also cover any personal items that may be broken or stolen while you’re living in the space. Here are a couple other advantages of investing in a renters insurance plan:
- It’s affordable. Renters insurance is far more affordable than regular home insurance. You might only pay $15 a month, which is a small price to pay if you do end up needing your insurance company to cover a qualifying event.
- You might save money on car insurance if you bundle. Some insurance companies allow you to bundle renters insurance and auto insurance, which means you might get a discount on your auto insurance.
- It’s usually cheaper than replacing your belongings. If you pay $15 a month for renters insurance, that means paying just $180 per year. If you happen to own more expensive items, such as a video game console or laptop, you won’t have to pay hundreds of dollars to replace them if they’re stolen or damaged.
- It covers additional living expenses. If the dwelling becomes uninhabitable for some reason, such as a pest infestation or small fire, renters insurance can pay for temporary lodging until it’s safe to return.