If You Rent Your Home, Here’s 5 Reasons You Need Renter’s Insurance

Renting a home can be a hassle. You may have noisy neighbors, strict rental agreements, and difficult landlords. Renting is also convenient for a lot of people, but it involves sometimes frustrating stipulations that you wouldn't deal with while owning a home. Regardless of your reasons for renting, renter's insurance should be a top priority either before or right after you move in, and here's why. 

1. Insurance Requirements

Many landlords or apartment management companies require that their tenants have renter's insurance in order to live there. These people don't want to be held responsible for your personal belongings, and any policies they may have tends to only cover the building itself. So if a pipe bursts, your landlord may get an insurance check to fix the plumbing and damaged walls, but not your television or sound system. If you're thinking about moving, it's a good idea to start searching for insurance quotes so you have an idea of what coverage you want and how much you'll be spending. Since many landlords want to offload some of the legal responsibility onto tenants, they may even be willing to help you find a decent policy.

2. Coverage for Personal Items

You may not think you have much to protect, but have you ever counted up the cost of all your personal belongings? Even if you wouldn't rush to replace them all in case of an accident or disaster, even replacing the essentials can be far more than you'll want to spend, especially after a fire or some other incident you'll be trying to recover from. Renter's insurance also covers your belongings when you travel. What's worse than getting back from a trip only to discover that someone robbed the place while you were gone? Things with sentimental value can never truly be replaced, but it will be easier to get back to normal when you can easily get ahold of some of the basics without having to worry about the cost.

3. Guest Protection

Many people forget about any kind of liability insurance. While your landlord should make sure the property is as safe as possible, many neglect to check up on properties as often as they should. If someone gets hurt in your home, you could be held liable and even end up in court over it. Double-check your policy and consider increasing your coverage if you don't feel comfortable with the policy limit.

4. Affordability

Renter's insurance is surprisingly affordable. You can get decent coverage for under $200 a year in many cases. If you feel you'll need more coverage to pay for a full replacement of your belongings, you may want additional coverage. You can pay all at once for a discount, or make smaller monthly installments. It's a small price to pay for peace of mind, and certainly a small price to pay for a total replacement of all your belongings. 

5. Additional Expenses

When something happens that causes your renter's insurance to kick in, you're not just grabbing a check, buying new stuff, and getting back to normal right away. People who need to utilize their renter's insurance have often gone through something terrible, if not downright traumatic. Getting your home together may require more than sweeping up some broken glass. Some renter's insurance policies will cover hotel rooms or other expenses while you're dealing with the aftermath. Some policies may even cover you if you need to take time off of work. After all, if you come back from the gym to see your roof collapsed over your bedroom, your destroyed laptop and work clothes are not making it to the office.

No one wants to think about needing insurance, but it's often necessary. Even if you're not required to have it, it can go a long way in making you feel more secure in your new home. For a relatively low price, you can rest easy knowing the important things in your life are covered.