Household contents insurance – should you take it out or not?

Everyone is a tenant at some point in life. Some start early, others later. Approximately 111 million (111,000,000) Americans rented in 2016. Of these, about 9 million were people under the age of 30, while 27 million were people between the ages of 30 and 65. Even among the elderly, about 6 million people over the age of 65 were renters.

What is renters insurance?

A renter’s insurance package includes the following three categories:

Personal property insurance – This policy protects you against loss of personal property due to theft, fire or other unfortunate incident. The fact is, many people don’t realize how much “stuff” they have in an apartment until it’s too late. Look at the space you are renting and consider how much it will cost to replace all of these things from your laptop, phone, TV, gaming gear, Xbox, DVD collection, artwork, furniture, clothing and jewelry . If your property is stolen or damaged, your landlord’s insurance will not cover you. You are responsible for your property and therefore need private property insurance. It should be noted that not all types of property are fully covered, so make sure you understand what is and is not covered. Some collections are not fully covered.

Think what you have isn’t worth much? Consider that the estimated cost of replacing a TV is around $500. The estimated cost of replacing a bed is around $1000. what about your clothes

liability insurance – This policy protects you against financial loss resulting from someone injuring themselves in your home. For example, a person visiting you may need medical assistance after slipping in the shower or tripping and falling in your apartment. The financial burden of medical bills could be used against you. With liability insurance, your insurer has a duty to help you defend yourself against a potential lawsuit.

Additional cost of living insurance – This policy covers some of your expenses if your unit gets damaged or something happens and you need temporary accommodation while your unit is unavailable. Expenses may include meals and hotel expenses.

How much does renter’s insurance cost?

Policies can be as low as $10 to $25 a month depending on how large a unit you rent and how much you own. Renter’s insurance is truly affordable for everyone and worth it.

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