Think renter’s insurance is too expensive or not worthwhile? Think again!Â Too many renters neglect to get renters insurance because they think it’s too expensive or their stuff is not valuable enough to protect. Is this really the case?
According to a Rent.com survey several years ago, 60% of renters they interviewed did not have renters insurance.Â Many felt that it’s too expensive even though the average premium is under $20 a month. THat is less than what you’d spend on coffee or a night out at the movies!
Here are 3 Reasons You Can’t Afford NOT to Have Renters Insurance.
#1 Your Belongings Are Worth More Than You Think
According to the USAA, new renters typically have about $20,000 worth of belongings. Look around at the possessions in your apartment: computer, bike, clothes, television, iPhone, clothes, kitchen appliances, etc. Start adding up the value of how much it would cost to replace all these items if they suddently disappeared and you will probably be surprised.
#2 Coverage doesn’t just extend to your home
Depending on your policy, renters insurance can also be extended outside of your home. If someone breaks into your car and steals your bag from inside, it is possible that your renters insurance would cover that too.
#3 It covers your neighbor’s or your roommate’s property
Most Renters insurance policies protect you from being responsible for replacing property of your roommate or neighbors in caser any damage incurred as a result of your mistake. Some policies will cover you against a lawsuit should someone hurt themselves in your apartment. This is not just limited to guests, service providers and repair individuals would be covered too in case of injury in your property.