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 to 65. Even among elderly people, about 6 million people over the age of 65 were renters.
What is renter's insurance?
A renter's insurance policy bundle covers three categories, as follows:
Personal Property Insurance – This policy protects you from any personal property losses due to theft, fire or other unfortunate incidents. The fact is a lot of people do not realize how much “stuff” they have in an apartment until it's too late. Look around space that you are renting and think of how much it will cost to replace all those things, from your laptop, phones, tv, gaming equipment, Xbox, DVD collection, artwork, furniture, clothes and jewelry. If you're property is stolen or damaged, your landlord's insurance does not extend to you. You are responsible for your property and that's why you need personal property insurance. It should be noted that not all types of property are fully covered so make sure you understand that is covered and what is not. Some collections are not fully covered.
Think what is you have is not worth much? Consider that the estimated cost of replacing a television is about $500. The estimated cost of replacing a bed is about $1000. What about your clothes?
Liability Insurance – This policy protects you from financial damages that are due to someone injuring themselves, while in your apartment. For example, a person visiting you may need medical care after slipping in the shower at your apartment or tripping and falling. The financial burden of the medical bills could be leveraged against you. With liability insurance, your insurer is obligated to assist you in defending 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 a temporary housing, while your unit is not available Expenses may include meals and hotel costs.
How much does renter's insurance cost?
Policies can run as low as $10 to $25 per month, depending on how big of a unit you are renting and how much you own. Renter's insurance is truly affordable for everyone and worth it.