Renter's Insurance: Who Needs It and Does It Matter?
The short answer is everyone needs renters insurance at some point in their life!
Insurance generally feels like rip off and I don’t disagree. But this little nugget of advice will
benefit everyone, everywhere!
Why? Well that’s an easy answer, you have rented, will rent or know someone who is renting a home or apartment. If you are a wise and experienced person at any phase of your life, someone will ask your opinion on renters insurance.
I want to help put this question to bed, forever.
The answer should always be YES! You need renters insurance.
First off, a full term of renters insurance will cost approximately $120 for the entire year. Most
commercial companies and landlords offer it as an inclusion to your rent, and it is generally paid
monthly. For approximately $10 a month, anyone renting can be protected from the biggest risks
you can face living in someone else’s home.
The first risk, being sued by the owner or the owners home owners insurance company! If you
cause damage by accident to a home that doesn’t belong to you, they can sue you for the cost
to repair it! Accidents happen, and no one expects them or creates them. They are accidents,
they will happen and when they do, they are not always a small expense. Think small kitchen
fire, a busted washing machine hose ( you didn’t know was leaking.) These small accidents can
cost forty to fifty THOUSAND dollars to repair. Do you have that much money?? I can assure
you, it will cost more than $120!
The next one is simple, 99% of leases require it! If you don’t have it, and your lease states you
are required to get it, guess what??? You are in breach of the legal contract and your lease can
be terminated for non performance! This means you are homeless, and have lost your deposit,
and you can be sued for damages that would have been covered by your renter insurance.
Ok, this one is super simple. If the home floods, gets broken into, a tree falls onto it, it catches
fire from NO FAULT or accident of your own. You loose everything and potentially have to move
out. Guess who would come in and help you replace your personal belongings and pay for your
loss? Your renters insurance! The landlord has no legal responsibility for your things. The home
owners insurance they have only covers the physical premises and nothing more.
Hopefully we can all agree that the final answer is yes, you need renters insurance! Now, hurry
and call your current car insurance provider and add it asap! You can also shop it very easily
online. Statistically only 50% of renters have insurance. Which one are you?