Everyone is a tenant at some point in life. Some start early, while others start late. About 111 million (111,000,000) Americans rented in 2016. Of this number, about 9 million were people under the age of 30, while 27 million were people ages 30 to 65. Even among seniors, about 6 million people over the age of 65 were renters.
What is renters insurance?
The renters insurance policy package covers three categories, as listed below:
Personal property insurance – This policy protects you from any loss of personal property due to theft, fire, or other unfortunate incidents. The fact is that many people do not realize how many “things” they have in an apartment until it is too late. Look around the space you are renting and think about how much it will cost to replace all of those things, from your laptop, phones, television, gaming equipment, Xbox, DVD collection, artwork, furniture, clothing, and jewelry. If your property is stolen or damaged, your landlord’s insurance does not extend to you. You are responsible for your property and therefore you need personal property insurance. It should be noted that not all types of property are fully covered, so make sure you understand what is covered and what is not. Some collections are not fully covered.
Do you think that what you have is not worth much? Consider that the estimated cost of replacing a television is approximately $ 500. The estimated cost of replacing a bed is approximately $ 1000. What about your clothes?
Liability insurance – This policy protects you from financial damage that is due to someone getting hurt while you are in your apartment. For example, a person visiting you may need medical attention after slipping in the shower in your apartment or stumbling and falling. The financial burden of medical bills could be leveraged against you. With liability insurance, your insurer is required to help you defend against a potential lawsuit.
Additional living expenses insurance – This policy covers some of your expenses, in case your unit is damaged or something happens and you need a temporary home, while your unit is not available. Expenses may include meals and hotel expenses.
How much does renters insurance cost?
Policies can cost anywhere from $ 10 to $ 25 per month, depending on the size of the unit you are renting and how much you own. Renters insurance is truly affordable for everyone, and it’s worth it.
