Do You Need Renters Insurance?
When looking for any kind of insurance, we may begin to question the necessity of it. It may seem like just another unnecessary expense. It is when something bad happens to us or our company that we are thrilled we have the insurance we begin to wish that we did. No matter what your case may be, the same situation applies to tenant insurance. Being a tenant of someone else’s property, many unique situations may arise regarding insurance coverage. We will help bring some clarity to your situation with tenant insurance.
Tenant insurance, also known as renters insurance, is something that insures your personal belongings while you are renting a room or house form someone else. The home owner’s or landlord ’s insurance policy usually only covers the physical structure of the home or building. Their insurance is unlikely to cover anything inside the home or building since it is not their belongings. Since the belongings inside the home are yours, it is your responsibility to get insurance to cover your personal items. Since you are not having to get insurance to cover the structure, just insurance for personal belongings, tenant insurance is pretty inexpensive. It is a lot like trucking cargo insurance, where the person shipping the items can insure the items in case anything happens to them on the transport.
The question remains, is renters insurance something that you need? It will certainly depend on your situation but it is highly advised that you do get tenants insurance. Tenants insurance is relatively inexpensive, costing around 15 to 20 dollars a month. Some landlords will require it as part of the lease agreement, and other landlords will leave the decision up o you. Even though you may have mostly older things and used items, these would need to be replaced if they were ever damaged or stolen. This can get pretty expensive. Even if renters insurance is not mandatory on your lease, it is highly advised that you get this renters insurance to protect your personal belongings as a tenant.
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