As a local fire chief of 19 years, I have seen all too often tenants not have insurance coverage. There are multiple reasons why it is important.
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The first one is easy – to have coverage for your stuff. You are not covered by the landlord’s insurance for any of your belongings. Think about having to replace all your clothes, all your furniture, and things like food. It adds up to a substantial amount of money quickly.
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Renters Insurance also provides you with personal liability insurance coverage. If someone slips and falls on the property and sues you, you get insurance protection. And it’s not only things that happen on your premises, but what about if you hit another golfer with a golf ball or collide with another person while you’re out running. Your dog can bite someone. Your kids can break the neighbor’s window. You can accidentally damage the hotel room you are staying in. All these things can be covered by the personal liability section.
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What if the home or apartment you rent is damaged by a fire or a storm and you cannot live there anymore? Renters Insurance can also cover additional living expenses. The cost of a hotel room to stay in and things like meals because you must eat out for a while can all be covered.
The best part about Renters Insurance is the price tag. It is actually very inexpensive. For normally less than $200 per year, you can get coverage. And if you put the coverage with the same insurance company as your auto insurance, you normally get an extra discount on your Auto Insurance. That discount can sometimes cover the entire cost of Renters Insurance. Win Win.
Take it from a guy that has seen the devastation of not having renters’ insurance many times, purchasing Renters Insurance is a great investment.
