In most states, landlords can legally require tenants to purchase the minimum amount of renters insurance coverage.
It’s required by your landlord
The average premium for homeowners insurance is $117 per month, whereas the average cost for renters insurance is just below $19 a month
It’s surprisingly affordable
In the event that your guest accidentally injures themselves inside of your apartment or property grounds, your renters insurance’s personal liability coverage kicks in.
It protects your guests
When you don’t have renters insurance, your items receive no financial coverage. This is where personal property coverage under renters insurance comes into play.
It protects your personal property
If someone breaks into your apartment or vehicle, you can file a renters insurance claim to receive cash restitution for any stolen or damaged belongings within your coverage limits.
It protects stolen items
When a natural disaster or act of God strikes, your renters insurance’s personal property coverage will cover the repair or replacement of damage to your belongings.
It protects against natural disasters
Although disastrous, fires don’t always result in total property loss. Hence, fires — whether electrical, wild, from cooking, extended from another unit and so on — are covered under personal property coverage.
It protects against fires
In some cases, you may find that renters insurance protects against water damage to personal property, allowing you cash benefits to replace or repair your possessions.
It protects against water damage
During times of civil unrest, renters insurance policies cover the repair or replacement of items destroyed by others.
It protects against civil unrest
In the event that you need to book temporary lodging due to unforeseeable circumstances that make your current residence unlivable, renters insurance steps in to help.