The short answer, Yes! Unless you are willing to self-insure your property, potential liability and future living arrangements, then “YES”, renter’s insurance is really needed.
Imagine for a moment that you are renting an apartment or home and without notice a fire breaks out and destroys everything—Your clothes, appliances, furniture, computers, jewelry, sentimental items, your peace of mind, your security…your home. The thought of a fire in your home is scary in and of itself, let alone it happening when insurance is not in place.
Download my Free Guide to Buying Renter’s Insurance
In addition to covering the liability portion of this claim, your policy will cover your personal property up to the pre-selected limits. Oh, do not forget about the cost associated with temporary housing whilst the damage is repaired / rebuilt. Renter’s policies provide temporary coverage for additional living expenses, up to specific limits, while you are unable to live in your home.
Are renter’s policies expensive? The average policy with $20,000 in contents and $100,000 in liability starts around $12 per month, depending on your needs. Although this example provides coverage for basic contents, coverage for contents can be in the hundreds of thousands. Everyone’s needs will be different!
Renters quotes take about five minutes. Please contact me and let’s get you protected!
Joseph Denbow, MBA