Why Get Renters Insurance?

Do You Need Renters Insurance?

Before answering this question, lets ask a few more and see what your answers are.

1. If a fire or natural disaster destroyed the contents of your rental can you afford to replace them at your own expense?
2. If your adorable little Miniature Schnauzer takes exception to the cable guy and decides to have one of his ankles for a snack are you prepared financially for the legal ramifications?
3. If, while you're on vacation, thieves break into your apartment and make off with your high definition TV and surround sound system do you want to have to pay for new equipment out of your own pocket?
4. Do you trust your neighbors (whom you might not even know) enough to know that they won't accidentally start a potentially disastrous fire? What about the folks up on the third floor that you may not have even seen before?

If you answered "No" to any of the questions above then you've answered the question, "Why Get Renters Insurance?" In short, ask yourself this final question:

"Do I value the items in my apartment or condo?"

If you answered yes then you need renters insurance.

What is Renters Insurance?

Renters Insurance is exactly what it says. It's insurance for people who rent apartments or condominiums. Mortgage companies require homeowners to carry homeowners insurance when they buy their homes. Owners of apartment and condominium buildings are required to maintain insurance as well but (and this is a big but), the owners of the apartments and condos aren't required to insure the contents of their buildings. Insuring the contents of the buildings falls on the renters should they decided to. Thinking that the apartment owner's insurance policy covers the contents of their apartment is a common myth, and mistake, that many renters get caught in. Unfortunately, these renters don't find out that their contents aren't covered until after a disaster has occurred. By then it's too late. Renters insurance can help protect your belongings and prevent you from having to replace your property at your expense. The inexpensive cost of renters insurance makes having it a no-brainer.

Exploring the basics of renters insurance

Over the coming days and weeks we will explore the world of renters insurance and why you need to have it. More importantly, we'll answer this question, "How much is renters insurance?" You'll be surprised at how affordable it is and wonder why tens of millions each year put themselves at risk by not carrying renters insurance.

Why is renters insurance important to me?

I'm a current homeowner who will likely need to get an apartment while working for an extended period of time away from my home. I've rented before so, naturally, one of the first things I reminded myself to do was to make sure I get renters insurance as soon as I get moved in. I've seen too many people lose everything because they didn't want to sacrifice a few dollars a month to cover their property. A lot of the time, the loss of their property was through no fault of their own. So, sit back, enjoy the content, leave a comment or two when you feel like it, and discover the answer to, "How Much Is Renters Insurance?" The answer may surprise you.