If you look at the risk involved in renting, it’s amazing that all renters don’t have renter’s insurance. In a situation such as an apartment or condo, where everyone is together in one structure, it only takes one tenant to inadvertently leave a pan on the stove and you’ve lost everything. It would be one thing if renter’s insurance was really expensive, but in most cases, it’s relatively inexpensive. You should be able to get renter’s insurance coverage for around $15 – $50 a month, depending upon where you live and how much you want to insure.
Make sure you get replacement value coverage. With many insurance companies, it will cost you an extra 10% - 15%, but since the premiums payments are fairly small, we’re not talking about very much money here. It will be worth it if you ever need to actually use your insurance.
Another bonus is that, in the event of a fire or natural disaster, most renter’s insurance will cover the costs of temporary relocation. That really helps if you’ve got to move into a hotel and eat out for a while as you find a new place to live, or your apartment is repaired. As with homeowners insurance, renters insurance will cover the costs of someone injured on your property (subject to the limits of the policy). In today’s society, that’s not a bad idea.
To get renters insurance, try your auto insurance provider. You may even qualify for a multi line discount. You can also check with friends for a referral to a god insurance provider.
The bottom line; it’s pretty inexpensive, and unless you own nothing, a little insurance is probably a good idea.
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