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5 Major Benefits of Renter ‘s Insurance

Renter’s insurance is one of the cheapest types of coverage you can buy. The rental policy is
cheap, readily available and easy to purchase at an average of $10–$15 a month, but the coverage
it offers can be invaluable.

Below are five of the main benefits of protecting your house or apartment.

# 1. Protection against theft

Theft happens also in the best of neighborhoods. No matter where you live, criminals pose a
danger to your property. Renter ‘s policy will pay to cover your apartment’s stolen things, which
your landlord won’t.

Many homeowners believe that their landlords’ insurance offers protection against burglary, but
in most cases it does not. The policy of your landlord generally includes the building itself, not
the personal items.

# 2. Protection against fire

In wide interconnected buildings, fire is a major risk. When a neighbor’s unit catches fire, your
own apartment could go up in flames in minutes.

Again, the policy of your landlord is unlikely to cover the loss of your personal property in a fire.
Renter’s insurance is going to pay to replace the things you lose in the fire so that you can get
your life back on track faster.

# 3. Protection of the Damage You Cause

In another way, Renter’s insurance can protect you from fire. When a fire breaks out in your
apartment and spreads to a neighbor’s house, you may be held responsible for any losses or
medical costs if the fault is considered to be the fire.

Renter’s insurance provides insurance against liability. The policy also covers yourself from
certain claims, which may save you tens of thousands of dollars during the process.

# 4. Protecting You from a Visitor Injury

You undoubtedly would have a lot of visitors to your apartment and you would be responsible
for hospital expenses and legal costs if one of them gets hurt. Renter’s insurance policy protects
you from that liability.

This policy is comparable to the liability insurance offered by the homeowners. Insurance for the
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Renter is worth the low cost of this important coverage alone.

# 5. Compliance with lease

It may not be entirely up to you to choose to buy the renter’s insurance. In order to stay legal,
many leases demand that the tenant get compensation. Read your lease’s fine print carefully and
see whether you are expected to bring renter insurance to cover your personal possessions and
exempt yourself from liability.

Even if it’s not needed by your landlord, bringing the renter’s insurance is a wise move. Your
renter insurance bill will probably be smaller than your cell phone bill, and renter insurance is
much more important to your financial well-being.

annual review process. It can be especially effective to shop for your auto insurance policy once
a year, when growing numbers of insurers use competitive pricing and analyze their customer
behavior when setting rates.