What happens if you lease a property and there is a fire that destroys all your belongings? You may think that the landlord’s insurance covers the cost of your loss, but this is not true. The landlord’s homeowners policy only covers the physical structure of a property, not the renter’s personal property.
If you rent a property it is a wise idea for you to purchase renters insurance. Having renters insurance is easy to get through your insurance carrier and is fairly affordable compared to the cost of replacing your property. Though premium costs vary from state to state, the average cost is between $15 and $30 per month.
There are many reasons why you should purchase renters insurance. We’ve shared a few of them below:
- Renters insurance will protect you from loss to your personal property, including clothes, furniture, electronics and even luggage when you are traveling.
- Some landlords require that you obtain renters insurance before you are allowed to sign a lease.
- Renters insurance covers liability so, if someone is injured in your home, you will be covered. Most renters insurance liability coverage is $100,000.
- If a property you are renting becomes uninhabitable while it is being repaired, some of your additional living expenses — such as temporary housing, food and other expenses — may be covered.
For peace of mind, it’s a good idea to get renters insurance. For more details on obtaining it, please check with your insurance carrier.