If you own your home, you may have homeowner's insurance already. Home insurance is a requirement in many cases if you have a mortgage. However, if you are a renter, there is usually no requirement for renters insurance. While renters insurance may not be necessary, it's still a good idea to have a policy. Renters insurance protects you from liability claims and covers the loss of personal property. Here are three things you need to know about renters insurance.
What It Covers
The first thing to know about renters insurance is what it covers. Most policies for renters offer three types of coverage: personal possessions, liability, and additional living expenses. If your residence is damaged, your landlord's insurance will cover the dwelling, but a renters policy is what will cover your possessions. Personal liability coverage through a renters policy protects you if you get sued after an incident at your residence. Finally, suppose you cannot stay where you rent due to damage to the structure. In that case, your renters insurance covers the cost of temporary housing if you have additional living expenses coverage.
How Much You Need
Another thing you need to know when seeking renters insurance is how much coverage will be ample for your needs. There are two things to keep in mind when searching for renters insurance. First, you need to think about the value of your possessions. Taking the time to catalog and assess the value of your belongings will help you determine what amount of coverage is necessary for your possessions. Second, consider your assets. It's a good idea to have ample liability coverage so that your assets will not be targeted if there's a lawsuit.
It's Affordable
While renters insurance premiums are another bill you need to pay, they are usually affordable. The average cost of a renters insurance plan is only $180 per year, which works out to $15 per month. How much you pay will depend on the levels of coverage you require. The more coverage you select, the higher your premiums will be. However, renters insurance is usually an affordable way to protect your belongings.
If you are a renter, there are a few things to know about renters insurance. First, knowing what coverages are available is crucial. Second, when searching for policies, you should consider how much coverage is enough for your needs. Finally, if you have concerns about the cost of renters insurance, premiums are usually very affordable.
Share24 February 2022
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