Photo Credit: Living in Monrovia
What’s awesome about renter’s insurance is that it’s inexpensive, covers all personal belongings, protects against injury lawsuits on your property, and almost anyone can get it.
Whether you’re a college student or brand new apartment owner, renter’s insurance can serve as a valuable investment.
How Much is the Average Renter’s Insurance Policy?
“According to the Independent Insurance Agents and Brokers of America, the average cost is only $12 per month, or $144 per year, for $30,000 of property coverage and $100,000 of liability coverage. That’s a fraction of what homeowners pay.”
That’s right only $12 a month. This is only $2 more dollars than a monthly subscription to Netflix, 2 venti pumpkin spice lattes, and one heck of a deal for any person on a budget.
The average renter’s insurance policy is inexpensive because it covers your personal belongings not the building structure like homeowner’s insurance.
That is why it’s significantly less than your average homeowner’s insurance policy.
It is your landlord’s responsibility to provide insurance for the building itself. It’s your responsibility to provide insurance for your personal property and any accidents that occur on your property.
I don’t have that much “stuff”. Why do I need Renter’s Insurance?
You have more “stuff” than you realize. For example, a college student’s personal belongings add up quickly such as a personal computer, tablet, bicycle, furniture, speakers, clothes, shoes, watches and jewelry.
In any event that any of this “stuff” is damaged or stolen, a renter’s insurance policy has the ability to replace these items. All policies are different so contact your current insurance agent to see what damages are actually covered and discover your policy limits.
Get a free quote for renter’s insurance and see how much your “stuff” is worth.
Nothing bad is going to happen. It won’t be worth it.
Let’s be real. Anyone can get hit with a natural disaster. Even though your typical renter’s will NOT cover these damages. According to FreeAdvice,
“fire or lightning, windstorm or hail, explosion, riot or civil commotion, aircraft, vehicles, smoke, vandalism or malicious mischief, theft, damage by glass or safety-glazing material that is part of a building, volcanic eruption, falling objects, weight of ice, snow, or sleet, water-related damage from home utilities, and electrical surge damage are covered by renter’s insurance.”
That is a list of unfortunate risks that you could be exposed to everyday and the RIGHT renter’s insurance policy will cover you.
Not to mention, larceny rates in America are ridiculous. Its astonishing to look at statistics depicting how much property theft is in each state based off this bar graph.
If you have friends over and they trip on your stairs, then you are liable. Depending on the severity of the injury, it could break your bank if you do not have renter’s insurance.
3 Takeaways for Renter’s Insurance
2. You most likely have enough “stuff”
3. You are exposed to more risks than you think