Most people who rent or lease a home or condo never consider insuring their property, because that is typically a step taken only by homeowners. In fact unless you pay cash for a home and don’t use a mortgage, the lender will insist that you carry homeowner’s insurance – so there is no avoiding it. But renters live in someone else’s home, so why should they bother paying for insurance? The answer is simple. The landlord’s insurance may not cover you in the event of a burglary, fire, flood, injury, or other disastrous event. Renter’s insurance, on the other hand, offers affordable insurance to cover all sorts of problems from theft of your belongings to liability if someone who is inside your apartment or home falls and breaks a leg. The cost of these policies usually runs between $100 and $300 a year, depending on what kind of policy you choose and what additional coverage you want, and for around a dollar a day or less that is a pretty good bargain.
Another great feature of renter’s insurance policies is that many of them also cover whatever belongings you have in storage. That’s a big issue for many people who used to live in a larger home, for example, but downsized into a smaller rented place. Furniture and other items in storage might be stolen or damaged, but a good renter’s insurance policy will reimburse you for that kind of loss.
One of the easiest places to look for a renter’s insurance policy is your current auto insurance company. You may be able to add renter coverage to your existing insurance plan with just one phone call, and many insurance companies offer an additional “preferred customer” discount to those who buy this kind of extra policy. So if you happen to be renting or leasing, check with an insurance company and find out how renter’s coverage may be able to offer you extra layers of coverage and peace of mind at a price that is hard to resist.
