Everyone is a renter at some point in life. Some start early while others start late. Approximately 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 between the ages of 30 and 65. Even among seniors, around 6 million people over the age of 65 were renters.
What is renter’s insurance?
A renter’s insurance policy package covers three categories, as follows:
personal property insurance – This policy protects you from any loss of personal property due to theft, fire or other unfortunate incidents. The fact is, many people don’t realize how much “stuff” they have in an apartment until it’s too late. Look around the space you’re renting and think about how much it will cost to replace all of those things, from your laptop, phones, TVs, 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, which is why you need personal property insurance. It should be noted that not all property types are fully covered, so make sure you understand what is and is not covered. Some collections are not fully covered.
Do you think that what you have is not worth much? Consider that the estimated cost to replace a television is around $500. The estimated cost to replace a bed is around $1,000. What about your clothes?
liability insurance – This policy protects you from financial damages that result from someone injuring themselves while in your apartment. For example, a visitor may need medical attention after slipping in the shower at her apartment or tripping and falling. The financial burden of medical bills could be leveraged against you. With liability insurance, your insurer is obligated to help you defend yourself 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 temporary housing, while your unit is not available. Expenses may include meals and hotel costs.
How much does renter’s insurance cost?
Policies can cost anywhere from $10 to $25 per month, depending on the size of the unit you’re renting and how much you own. Renters insurance is truly affordable for everyone and well worth it.
