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Is Renters Insurance A Requirement?

If you’re renting a property, it’s always a good idea to consider getting an insurance policy. Though this policy isn’t required by law, renters insurance covers a wider range of problems than you probably think while costing you a relative pittance. This is also why some landlords insist on their tenants having this policy, though this is far from a hard rule.

Not sure a renters insurance policy is worth it? Here are five good reasons why renters insurance coverage makes a lot of sense for most tenants!

1. You Own More Than You Think

Many renters underestimate how much stuff they really own or think they don’t own anything of real value. In either case, your belongings could cost a lot of time and money to replace. With renters insurance, you can cover all your personal belongings from a variety of problems, such as fires, theft, vandalism, smoke, water overflow, explosions, and so on.

2. Landlord Insurance Won’t Cover You

If your landlord doesn’t require you to have renters insurance, that’s not because they’ve got you covered. Landlord insurance only covers the building itself, not the tenants’ belongings. Your landlord’s policy also won’t help you if you damage a neighboring apartment, such as by letting your bathtub flood the apartment below you.

3. It Covers Your Belongings During Travels

Renters insurance protects your personal belongings regardless of where they are. If you take some of your belongings with you while you’re traveling, for example, the policy will still cover them against loss due to theft or other covered losses. To ensure you know what this entails, ask your insurance agent for the exact definition of “covered losses.”

4. It Provides Liability Coverage

A renters insurance policy comes with liability coverage as well. In case you injure someone or damage their property, liability coverage will pay for it. For instance, if someone slips and falls in your apartment and you’re legally responsible for it, your policy will cover their medical bills. The default liability coverage is $100,000, but you can usually buy up to $500,000.

5. It’s Relatively Affordable

One common reason why renters avoid this policy is that they don’t want added expenses. However, the average cost of renters insurance is only about $14 per month. If you have a car, you can pay even less by bundling your auto insurance with renters insurance. You may get more discounts if your apartment has specific security devices like smoke alarms.

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