Everyone is a tenant at some point in life. Some start early, others start late. About 111 million (111,000,000) Americans rented in 2016. Of this number, about 9 million were under the age of 30, while 27 million were between the ages of 30 and 65. Even among the elderly, about 6 million people were over the age of 30. of 65 were tenants.
What is tenant insurance?
A renter’s insurance policy includes three categories, namely:
Personal Property Insurance – This policy protects you against loss of personal property due to theft, fire or other unfortunate incident. The fact is, many people don’t realize how much “stuff” they have in an apartment until it’s too late. Look around the space you’re renting and consider how much it will cost to replace all of those things from your laptop, phones, TV, gaming equipment, Xbox, DVD collection, artwork, furniture, clothing, and jewelry. If your property is stolen or damaged, your landlord’s insurance will not apply to you. You are responsible for your property and that is why you need personal property insurance. It should be noted that not all property types are fully covered, so make sure you understand what is covered and what is not. Some collections are not fully covered.
Do you think what you have isn’t worth much? Keep in mind that the estimated cost of replacing a television is about $500. The estimated cost of replacing a bed is about $1000. What about your clothes?
Liability insurance – This policy protects you against financial loss caused by someone injuring themselves in your apartment. For example, a person visiting you may require medical attention after slipping in the shower in your apartment or tripping and falling. The financial burden of the medical bills can be used against you. With liability insurance, your insurer is obligated to assist you in your defense against a potential lawsuit.
Additional insurance for living expenses – This policy covers part of your costs, in case your unit is damaged or something happens and you need temporary accommodation while your unit is not available. The cost can include meals and hotel costs.
How much does the renter’s insurance cost?
Policies can be as low as $10 to $25 per month depending on how big a unit you rent and how much you own. Renters insurance is really affordable for everyone and worth it.