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5 things to know about renters insurance

If you live in a rental, there's a good chance you've heard about renters insurance in some form or another. Everyone hears stories about someone losing everything in a fire but never thinks it will be them. Unfortunately, there's no way to predict whether your belongings will be safe forever in your home, which is why renters insurance can act as a safety net.



1. Your landlord's insurance doesn't cover you

Many renters are under the false impression that because their landlord has insurance on the building, they are protected under the same policy. Like the Tooth Fairy, this theory isn't true either. Your landlord's insurance protects the building from damage, but it doesn't extend to your personal items. And it definitely won't protect you if you accidentally cause damage by lighting your curtains on fire or break a window. Instead, you are likely to be liable without renters insurance.



2. Not all coverage and policies are the same

Different renters insurance policies cover various aspects of living in an apartment. You can get a policy that covers your personal possessions and some liability protection in the event of damage, theft or injury.



3. It's affordable

Some renters may not get insurance simply because they believe it costs too much. It might therefore come as a surprise that getting coverage is extremely affordable. The cost will depend on how much you are insuring and the value of those items, but it can run as low as $15 to $30 per month, according to the National Association of Insurance Commissioners. For the price of going to the movies, you can protect your items and yourself by investing in renters insurance.



4. It protects more than just your possessions

Renters insurance goes beyond protecting what you own. Let's say something happens in your apartment that causes damage or you or someone at your place becomes injured. Without insurance, you are completely liable for what happens in your apartment, leaving you vulnerable to paying too much out of pocket. If a person decides to file a lawsuit after getting hurt in your apartment, you could be left completely on your own. With insurance, your personal liability and legal responsibility is covered. In addition, if your building needs repairing after being damaged and you need to stay somewhere else, insurance can help cover some of the costs of staying in a hotel or moving back and forth.



5. Your stuff is worth protecting

Some renters might think their possessions just aren't valuable enough to buy insurance for. However, once you think about all the items you own, it can be easy to see what a loss it would be if they all became damaged at the same time. Would you be able to replace everything you had before all on your own? Unexpected events can and do happen, and being prepared and protected can keep you from worrying about how you would be able to move on if you lost some or all of your belongings.

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