The Importance of Renters Insurance

Woman next to moving boxes

Renters insurance is often overlooked. It is critical in protecting you and your possessions if an issue arises while renting an apartment or home. Most people will get between $25,000 to $50,000 in coverage depending on the value of their personal possession in the home.

Renters insurance is important for the following reasons:

  1. It fills the gap. – If you leave your cell phone in your car and it is stolen, it’s unlikely your auto insurance will cover this. But if you were carrying renters insurance, your cell phone would be covered because these items can be transported between home and other locations.
  2. It protects you and your stuff.
    1. Renters insurance covers your personal possession located in and on the property.
    2. Renters insurance covers your personal liability in the event someone is injured at your home including medical expenses.
    3. Renters insurance could cover living expenses in the event your residence becomes uninhabitable.
    4. Renters insurance is very affordable. – Unlike auto insurance and homeowners insurance, renters insurance costs just a few cents per day. If you bundle it with your auto insurance it is even less expensive.

Related Posts

September 13, 2023
Facing Homelessness: What to Expect and How to Prepare

Many individuals and families who have experienced homelessness have gone on to lead fulfilling lives. Preparing for homelessness and regaining housing stability and financial security…

Read More
August 1, 2023
Medical Debt

Medical debt is a concerning financial situation faced by many individuals and families. Unexpected medical expenses can lead to substantial financial strain, impacting credit scores…

Read More
July 5, 2023
Financial Stress and Your Mental Health

In today's fast-paced world, managing our finances effectively is a daunting task. Maintaining our finances is actually crucial for our overall well-being. Financial wellness and…

Read More