According to studies, about 43 million people in the United States rent their homes. Many have plans to stay in a rental situation long term. But rental insurance is not a given for these individuals, and many states do not require it. Here are five reasons you need renter’s insurance:
- To protect your belongings. Renter’s insurance covers losses due to damage in your apartment like fires, floods, and other disasters.
- To give you liability coverage. Most policies provide liability coverage to help if someone is injured in your home, and may also cover court judgements regarding your property.
- It covers belongings when you’re out of town. Should someone break into your home while you’re out of the area, your renter’s insurance will likely help you recover the costs.
- It may help with additional living expenses. If you are required to move, temporarily or permanently, due to issues with your home, your policy may cover additional living expenses during that time, including hotel or short-term rental costs, food, and more. Not all policies have this, but it’s worth checking to see if it’s available.
- Your landlord’s property insurance won’t help you. Many people may hold off on renter’s insurance because they assume their landlord’s property insurance can be of help. It won’t. Their insurance covers only what belongs to them directly. Sadly, that means an individual renter is on their own.