If you are living in a rented house or apartment, it is a good idea to purchase renters insurance. It covers loss due to damage or theft of property of a renter and in addition to that, it ensures that in case of anyone not living in the rented accommodation gets hurt, the renter is not held responsible for that and remains protected from any kind of lawsuits.
Renters insurance can cover the renter in case of the following unfortunate scenarios:
- Loss of property in case of damage due to fire in the apartment or building.
- Renter’s belongings get stolen by a thief.
- Damage to electronic equipment such as TV, washing machine and refrigerator, etc.
- Someone gets injured due to any reason in your apartment.
It has to be noted that while renters insurance covers against the above specified mishaps, it doesn’t cover loss due to natural causes such as earthquakes.
One doesn’t need to shell out big money to get insured. Most insurance companies have such policies that can fit into anyone’s budget. You can get renters insurance by paying as low as $20 to $25 per month. That sort of money can cover up to $1 million in case of anything happens to you and losses worth around $25,000.
You can find quotes of renters insurance from any number of insurance providers. Do check out few of them so as to ensure that you are getting the best deal out of the lot. It would be a good idea to check out with your regular insurer about any type of discount that you are entitled to get if you are buying multiple insurance policies from it.
Though renters insurance is mostly neglected, it can be of a great help for the insurers in case of any type of mishap.