A renter may feel that if they dont own the property that they live in that means that they dont need insurance, however, this is not the truth. The property owner may be liable for maintenance and repair expenses to the property itself, but they are not liable for the replacement of your belongings. Renters insurance helps protect the renter from total loss in the case of fire, flood, theft, and more.
Renters need to purchase renters insurance coverage. In fact, many property owners are requiring it before they will lease their property. This helps to reduce the liability to the owner, as well as helping to protect the renter and their interests.
Renters insurance is very well priced as well, which makes it affordable for most everyone. An annual policy often costs under $150, which breaks down to just $15-20 a month, which is well worth it if your possessions are a total loss or damaged.
What Is Protected?
It will largely depend upon the coverage. Your policy may reimburse you for replacing all of your belongings or they may disburse a check for the value of your belongings up front, allowing you to replace your items without waiting for reimbursement. Either way, this can help to lessen your financial loss in the event of a bad situation.
Anyone who rents needs to look into getting renters insurance. This will help to relieve your worry in case of fire, theft, or other disaster.