Why take out renter's insurance?

Among the reasons for taking out renter's insurance are its affordability, coverage for personal property loss, which may be necessary, and that it provides liability. Kuma made sure to renew her renter's policy the following year when she moved to an off-campus flat. However, you may be able to get bedbug coverage with an Assurant renters policy, depending on where you live. Arguably, the lower a person's income, the more he or she may need renters insurance, especially liability and loss of use coverages.

No, but some landlords require proof of renters' insurance before signing a lease, or within a certain period of time. For most renters, renters insurance is an invaluable tool to protect against potentially devastating financial consequences. Although not mandatory, anyone renting any type of long-term residence, whether it is a flat or a single-family home, should seriously consider purchasing a renters insurance policy. If your car is stolen, you will have to file a claim under the comprehensive section of your auto policy, not the renters' section.

So if your bike is stolen outside a shop or your phone is stolen by a pickpocket while you are travelling abroad, your renters' insurance policy will cover you with some caveats. Renters insurance covers your personal belongings and provides liability coverage when you live in a flat, house or condominium that you do not own. Renters insurance usually covers legal representation in a lawsuit and money awarded to the other party. For tenants who live with roommates who are not family members, your policy will not cover their possessions.

With renters insurance, you will have loss of use coverage, which covers living costs that exceed your normal expenses, such as hotel stays, food and special transportation you need to continue living until you return home or find a new permanent residence. Too many renters think they don't need liability protection because they rarely have guests or believe that the likelihood of someone being injured in their home is almost non-existent. Shopping for renters insurance is easy: you can compare quotes at online insurance brokers or you can work with an independent insurance agent, who can get quotes from several companies.

Judy Billeter
Judy Billeter

Friendly tv geek. Lifelong beer scholar. Friendly coffee buff. Typical social media lover. Lifelong social media fanatic. Amateur bacon guru.

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