Why buy renters insurance
Why Should I Pay for Renters Insurance?
Renters insurance is not legally mandated by state laws. It is optional for renters, except in cases where landlords require them to carry it as part of the rental agreement. Many tenants feel that rental coverage is a waste of money because it is not required. Most of us have limited funds to work with each month, and thus it is perfectly understandable to try to limit our expenditures whenever possible. But this particular expenditure is one well worth considering including in your monthly budget.
Renters insurance is very inexpensive, for one thing. Costs vary by state and according to the level of coverage renters need. But a typical ballpark cost for a policy is only around a few hundred dollars per year. This is certainly an expense most of us can fit into our budget, even if it takes a little bit of wrangling around with our financial resources to make it happen. The low cost of a renters insurance plan makes it a good deal. But what makes it an excellent value is the great protection it delivers for that low cost.
Property Protection for Your Possessions
Renters insurance property protection safeguards your personal possessions against the threat of any covered loss. A very common default policy coverage limit is around $20,000 to $30,000. You can always increase your coverage if you need to, of course. Having such an inexpensive way to insure your belongings against loss can actually save you
a bundle of money over time. If you ever have to file a major claim, the resulting payout would more than pay for all the premiums you have paid up to that time.
If you ever face a major claim situation like a fire or a theft at your apartment or some other emergency, your first thought would obviously not be how great it is that you have renters insurance. But once the emergency has been dealt with and things settle down, you would be very thankful you had this policy to help you pick up the pieces and start over. Imagine for a moment what it would be like to have to replace all your possessions from furniture to dishes to electronics, and to try to try to pay for it all out of pocket. Most of us could not do it, because that's not how we bought all of our things in the first place.
Renter Coverage an Excellent Value
You acquire possessions gradually, and the personal property protection included in a renters plan ensures that you never have to do it over again without some significant financial help. Just the property coverage alone makes renters insurance an excellent value, and the other areas of coverage make it an even better investment. The question you should ask yourself as a renter is not why you should buy a policy, but rather, whether you can really afford to go without this valuable and economical form of personal insurance protection.Source: www.rentersinsurance.net