Is renters insurance worth it?

Is renters insurance worth it?

Some things in life are okay to take a chance on:

Drinking milk on its expiration date, making a small wager on whether or not your mom will call right when you are about to reach your video game all time high score, or skipping deodorant on a cold day are all things that really don’t have much consequence if the outcome is not exactly what you had hoped it would be.

But risking all your belongings to life’s uncertainties may not be a chance you are willing to take.  Having a renter’s insurance policy in place will protect your possessions from unplanned issues that cause damage or injury.

Similar to a homeowners policy, a renter’s insurance policy offers coverage for basically everything you own up to the limits of your policy.

The only thing it does not cover is your home itself.  Your landlord’s policy will have that covered in his own policy.  If there is any confusion as to what is covered on your policy and what is covered under your landlord’s policy, consider what would happen if you were to flip your apartment upside down.  All the things that would fall to the ground would be covered under your policy while all the items that remain attached to the ceiling and walls would be covered under your landlord’s policy. Of course, each policy is different, but this analogy is widely used as a basic understanding of coverage.

Renters insurance premium is usually very inexpensive – about $250 per year – and the coverage you receive can be well worth the premium.  Your renter’s policy will cover personal property as well as liability for third party accidents and injuries.  Call us to find out more about how a renters insurance policy may be the best bet you can make as a renter.


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