According to Mike, that’s a common occurrence – dealing with fire orders from rental houses without renter’s insurance. In talking with folks, Mike finds that most people fall into one of three categories:
- The thought of needing renter’s insurance never occurs to them.
- They think the coverage is too expensive.
- They don’t see the importance of having it.
- It’s actually pretty affordable. The cost of the policy varies by location and the value of the items being insured. The Independent Insurance Agents & Brokers of America reports that the average cost for renter’s insurance is approximately $12 per month for $30,000 worth of property and $100,000 of liability coverage. Liability coverage can be added to a renter’s insurance policy.
- It repays the renter in the event of a loss – and not just due to a fire. It may also cover things like damage from inclement weather, vandalism, water, and theft.
- Your landlord may require it, and may ask for proof of coverage. Mike said that many of the newer apartment complexes are requiring tenants to have renter’s insurance.
- Renter’s insurance not only covers your personal belongings in your residence but also if they are in your car or if you are traveling on vacation.
- It could pay for unexpected expenses associated with living somewhere else temporarily should your home not be fit to live in due to one of the covered dangers.