Why You Definitely Need Renters Insurance

Around 70% of people do not have renters insurance. They think the money can be better spent elsewhere. But once your apartment is damaged by fire or weather, and you lose all your stuff, you quickly realize the value of renters insurance.

It is actually a very cheap way to insure your stuff. More important, it is a guarantee that you have a place to live in case the worst happens to your apartment. Check out the list below and learn more benefits of renters insurance that will change your mind.

1. You have a guaranteed place to stay.

If your apartment catches fire or is destroyed by storm, the last thing you want is to be wandering the streets searching for a place to stay. Your landlord has no legal obligation to give you shelter. The only thing that will happen is you will not be charged rent. However, when you have renters insurance, your firm will put you up in a hotel or an extended-stay facility as necessary. This is the kind of care you need after losing your apartment.

2. You can get new stuff.

Homelessness never being an issue should be enough to get you interested in a renters insurance. But if you need more convincing, having the right policy can get you brand new stuff. When you are filling out the forms, make sure you check the box for replacement-cost coverage and not actual cash value. The latter is not really good. Any stuff damaged will be replaced based on how old it is. If you have a six-year old couch, the insurance firm pays you its actual cash value. Replacement-cost coverage is better. You will get reimbursed for the cost of brand new stuff. It makes your premium more extensive but it is worth it.

3. You are covered for defamation.

It may be surprising, but some policies that cover personal injuries sustained on your property can even give you coverage for libel or slander. Say you talk trash about a person online and you are sued, your  renters insurance may cover the judgment.

4. Your landlord may require it.

This is increasingly getting popular. Your landlord may ask you to get a renters insurance before the lease is signed. Not bad at all, since this policy protects your interest and your stuff. In case the place gets unlivable, you are sufficiently covered by your renters insurance policy and there will be less drama to deal with.

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MJ Usner