You’ve probably heard us stress the importance of insurance before as an important financial tool.
Car insurance is essential to protect your investment in the case of theft, damage, or an accident. Homeowner’s insurance is vital in ensuring your home is protected against damage and destruction. These are well-known insurance protections; but if you’re a renter, have you considered renters insurance?
So, what does renters insurance cover and why is it important you purchase it? In this article, we’ll discuss why renters insurance is essential and why you should purchase some right away if you don’t have it already.
Fire damage is a possibility wherever you live. It can happen in the house you rent, and your fire risks go up even higher when you reside in an apartment; this is because residences are attached and if a fire starts in one apartment, it can easily spread to more. When you purchase renters insurance it can assist in replacing any belongings that may get damaged by fire, smoke, or water. Your insurance can also assist in covering the cost of temporary residence while your home is being repaired or until you find another home.
Unfortunately, theft is something that can happen to anyone; sometimes replacing what was stolen can be difficult and even financially impossible. When it happens in your rented home, your renter's insurance can help you replace items lost more easily. You can insure things like electronics, firearms, jewelry, silverware, artwork, and other valuables. It’s great to have this peace of mind that your belongings are covered.
Water Damage Protection
Things like burst pipes, water heater leaks, overflowing drains, and more can quickly damage any exposed belongings. When you insure your belongings with renters insurance, you can rest easy knowing that you have protection in place to repair or replace any items of value that you may have lost to water damage.
Personal Injury Coverage
When it happens, it can be unexpected and expensive - personal injury in your home. Your renter's insurance can ensure you are protected in the case that someone visiting your home or on the property you rent injures themselves. This is such an important tool to have because medical bills can quickly add up to be thousands of dollars. Your renter's insurance can give you liability coverage from $100,000-$500,000. You can also purchase more liability insurance if you feel it’s needed. Renters Insurance can also help to pay or any lawyers fees or settlements that you incur due to the accident or injury.
Your renter's insurance extends outside of your home, as well. For instance, if you are traveling and you have any belongings stolen or lost that is listed on your insurance, you can get these items replaced.
Renters insurance can typically be purchased for as little as $30-$40 per day, a minor expense compared to what you can spend to repair or replace items lost, damaged, or destroyed in the situations mentioned above. You can easily purchase renters insurance on websites such as eSurance.com; this and other sites allow you to easily compare and purchase the insurance that’s right for you. When you purchase renters insurance, it’s an important step in increasing your financial health and protecting its growth. Any of the situations above can easily wipe out your emergency savings or potentially put you into unnecessary debt. Don’t skip out on this essential financial step that ensures you and your families belongings are protected and that you have help in the case that you are temporarily displaced due to fire, flooding, vandalism, or other scenarios.