5 Reasons why you should have renter's insurance

Attention Residents:
As you are aware, renters insurance is not required. However, below are 5 reasons you should consider investing in renters insurance.

1. Loss or Damage of Personal Property
Perhaps you don't think you have many expensive things. But when something happens to your belongings, you will soon realize that having to replace everything you've bought in your home is a major financial setback. Renters insurance assures that you will be covered for personal property in the event of theft or natural disaster.

2. Apartment renters generally have a higher risk of property damage
How well do you trust your neighbors with your home? Sure, you and your family may be cautious. But in a multi-unit apartment building, you are depending on the other tenants to share safety and caution as well. When a fire breaks out or a leak starts in one apartment, there is the potential that many or all tenants in the building end up with damaged personal property and no place to live.

3. Renters insurance protects you against litigation
You can get sued by your landlord for damaging property in your apartment -even if it was an accident. If someone trips on your rug and hits their head on your book shelf, they could sue you for medical expenses. If you leave a pile of empty boxes in the hallway and another tenant trips over them and injures himself, he could sue you. Protecting yourself from personal injury litigation is a very good reason to have renters insurance.

4. Footing the bill when your home is unlivable.
One type of coverage you can get from renters insurance is called "loss of use." Most landlords are not responsible for getting you a place to stay if something should happen to your apartment. Whether you are affected by a fire from a neighbors unit, or a storm causing damage to your apartment, renters insurance can position you to make a claim for "loss of use". Your insurance company will continue to pay while your home is being repaired or rebuilt, or until you permanently relocate.

5. Renters insurance is CHEAP and could save you a fortune!
For as little as $19 per month, you can get up to $30,000 in coverage just in case anything happens. Your home is your home whether you rent an apartment or own a house. Renters are just as prone (if not more) to accidents, damage, and liability as home owners. Just because renters insurance is not required by law like home owners insurance, that doesn't mean that you don't need it.
Contact your current or local insurance agent for additional information regarding rental insurance.