Are you renting or moving to an apartment? Renters insurance can be an extremely valuable asset to have. For covered events, renters insurance can help protect you from losses and the cost of liabilities, which can make it a real lifesaver—for you and your wallet. Sound good? Find out more by reading the following five reasons you should consider renters insurance.
1. Damaged or stolen belongings are covered
Whether you live on or off a college campus, you probably take important measures to make sure that your belongings stay safe. Unfortunately, there are a lot of circumstances that can put them at risk, and many of them are outside of your control. For instance, if there’s a fire or natural disaster, your items can get seriously damaged or destroyed. Renters insurance can cover the cost of replacing those items. The same applies if your possessions become the victims of vandalism or theft. Property covered by some renters insurance plans can include things like electronics, furniture, appliances, clothes, school supplies, and even sports equipment and musical instruments, though for valuable items you may want to look into insuring them separately. Try getting that sort of coverage with your landlord or college’s insurance policy; in most cases, they do not cover personal belongings.
2. You can get worldwide protection
It’s definitely great that renters insurance may replace your damaged, destroyed, or stolen belongings without having to worry about emptying your pockets. But what if something happens to your possessions while they’re outside of your residence? Plans with worldwide protection still cover your belongings even if they’re not in your apartment at the time of the loss.
3. Personal liability coverage
Did you know that if someone gets injured at your place of residence, you could be held responsible? You could also face huge fees if any damage is done to your living space. These expenses are covered in many renter’s insurance plans, and could mean huge savings for you.
4. You can share a policy with your roommates
Do you live with a roommate or share an apartment with a few friends? If so, many plans give you the option for coverage under one policy, making it a convenient way to protect everyone’s belongings. Everyone who is listed on your lease can stay under one policy; it’s that simple.
5. It’s affordable!
With all that renters insurance has to offer, you might expect it to be pretty expensive, but fortunately, it’s really not. Based on a national average, premiums are typically just $160 a year. Considering how much renters insurance could save you when you’re in a sticky situation, that’s a pretty small price to pay.
Before choosing a plan, speak with a licensed insurance agent to figure out what type of renters insurance plan best fits your needs. To get a quick overview of what renters insurance has to offer, check out this video from GradGuard:
For even more information about renters and other kinds of insurances, visit GradGuard.