Do I Need Renter’s Insurance?

Do I Need Renter's Insurance?Do you have renter’s insurance? If you don’t, then you really need to think again. Many people in the U.S. do not have renter’s insurance because they don’t think they need it. However, I’m sure most people think that until something bad happens to them and/or their belongings!

According to a survey by Rent.com, approximately 60% of renters do not have renter’s insurance. Only 72% of renters under the age of 25 have insurance, and only 51% of those 65 and older had renter’s insurance.

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That’s a lot of people without renter’s insurance! I was surprised to hear about how many renters over 65 do not have renter’s insurance because they probably have accumulated many valuable items over their lifetime.

Renter’s insurance is important. It can cover theft, a fire, certain strong winds, and more. Most renter’s insurance companies do not cover damage from a flood, so always make sure to look into that separately.

You might not think you have a lot in your home, but sit down and add it all up. I’m sure everything in your home adds up quickly, even if you own a 400 square foot studio apartment. Don’t make the mistake of thinking that your landlord’s insurance will cover these things, because it most likely will not.

Items that you may have include:

  • A computer.
  • A laptop.
  • Couches.
  • Coffee table.
  • TV(s).
  • Bed.
  • Jewelry.
  • Clothing.
  • And more!

 

Renter’s insurance is too expensive.

Many renters don’t have this type of insurance because they think it is too expensive. However, that is just not true!  Many people have renter’s insurance for around $10 to $15 a month, which is not a lot of money. Renter’s insurance will be higher if you require a higher coverage and a lower deductible, and the other way around.

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If you think that you still cannot afford $10 to $15 a month, try cutting something else out of your budget. Just cutting out one visit to a restaurant is probably all you need for coverage.

How do the insurance company determine what items are worth?

You most likely won’t get full face value of your item if something does happen. For example, if someone comes in and steals your couch, you will be receive a value of the couch minus the wear and how long you’ve had it. Lets be honest, a couch that you’ve had for a few years is not worth the same as a brand new couch.

Do you have renters insurance? Why or why not?

 

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    Disha

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