Getting the umbrella before it rains is the main idea behind the world of insurance. Yet the reality is that none of us like to think about those rainy days, much less spend money on them!
For this reason, a lot of people are uninsured when it comes to things that are optional. While we wouldn’t dream of living without health or car insurance, other types seem less important.
One that falls into this category is renters insurance. One report found that 6 in 10 renters don’t have it.
So, what is renters insurance and do you really need it? Keep on reading to find the answer.
What Is Renters Insurance?
Renters insurance covers and protects you and your belongings while you are in a rental property.
Many people make the mistake of thinking, “I’m sure my landlord has insurance, so there is no need for me to spend extra”. While the fact that they have insurance is more than likely true, there is an extremely high possibility that it will only cover the property and not anything that you own.
This means that if you suffer from a fire at home or burglary, damage to the property will be covered, but you will be left to replace and pay for whatever is now gone.
In addition, renters insurance doesn’t just cover the loss of belongings, but also damage, personal liability and even medical protection depending on the policy.
So now you know what is renters insurance. But maybe you are still not convinced that you should take it out. Well, let us look at 3 clear reasons why you should consider changing your mind.
Reason 1: Protection From the Unexpected
As we have already mentioned, if you do not have renters insurance your belongings are in no way protected. This leaves you exposed to unexpected additional expenses, something that nobody appreciates.
While it is easy to think that things hardly ever go wrong, the reality is that they do. A leak from upstairs could wreak havoc on your electronic items, or you could be pickpocketed in the street. The responsible course is to assume that over time something will, and not can, happen to you.
Being insured means that the pinch felt is only minimal.
Reason 2: You Are Underestimating the Value of What You Have
Many don’t think about getting insurance coverage because they think they don’t have much. Well, while you may not have any diamonds and pearls, we encourage you to do an inventory of what you do have in your home.
When you add up the value of your cell phone, laptop and TV, just these things alone can reach thousands. Imagine having to replace some or all of them at once with no warning!
The reality is that those who have money are capable of suffering these losses. It is those of us who do not have a lot that really appreciate having the helping hand of insurance coverage.
Reason 3: It Is Cheaper Than You Think
Having an additional expense each month for something that you don’t see any direct benefit from may not seem logical.
However, we encourage you to check out your insurance options. You may be surprised.
Did you know that the average renters insurance works out at about $14 a month? That’s far less than a typical meal you would order in, and most of us find a way to cover that expense without any issue.
When it comes to bang for your buck, taking out renters insurance is a no-brainer. If we have convinced you, and now you want help finding the best renters insurance for you, then check out https://theinsurancestops.com/.
Get Protected Today
We hope we have answered any lingering doubts you may have had about what is renters insurance and why you need it!
For more clear breakdowns about finance matters, check out the other great posts on our blog.