Do you need renter’s insurance?
Hello renter. Your monthly expenses have been on an upward trend since your very first day on your own.
Do you really want to spend more every month for extra insurance? Should you get the coverage or better not to bother?
Yes, you do. Go ahead and get covered. Fear not, as rental insurance is not pricey. At 43 cents per day, it’s pretty doable, no? You can even have your premium lowered if you have safety features in your home, such as security systems and fire alarms.
Keep in mind that the insurance your landlord acquired for the apartment unit you’re living in doesn’t cover your personal possessions, but only the structure itself. In case of a mishap, such as fire in your building, your clothes and furniture if lost, will be covered by renters insurance and not your landlord’s policy.
When shopping for the renters insurance policy, remember that you can choose one with replacement cost value or actual cash value. The former will be the costlier version, but will replace your $1,000 broken laptop with another laptop; the latter will only refund you the cash value of your laptop when it was damaged, which is usually considerably less than it would be needed to buy a new one. Choose wisely here.
Renters insurance coverage doesn’t end here—it can alleviate your liability if someone is hurt while on your property or if you accidentally cause damage to someone else’s property. Policies might differ, but most cover a broad variety of risks you face as a renter.