Despite millennials (23-35 age group) renting in unprecedented numbers most do not know the importance of having Renter’s Insurance. Actually more than 50% of millennials DO NOT carry renter’s insurance since it is not required like on a mortgage loan for a house. A lot of renter’s are unaware their contents are not covered in a loss. The landlord is covered, but unfortunately you are not. Your landlord’s insurance covers only damage to the building, not to you, your guests or your personal belongings.
So why should you purchase Renter’s Insurance?
- Protects your property from damages.
- What if a fire destroys all your personal property? Can you afford to recover all of your lost items in your apartment?
- It is very affordable
- Average monthly premium for a renter is around $15-20 a monthCovers additional living expenses
- If you need to find a place to live (i.e. a hotel) because of a fire in your building requires you to temporally move out. Renter’s Insurance pays those additional living expenses.
- Covers damages for bodily injury or property damage for which you may be legally liable.
- If someone slips and falls in your apartment.
- If you accidently start a fire in your kitchen cook, burning the wall. You are liable.
Renters insurance is an affordable way to be sure you, your personal belongings and your financial well-being are protected. Be smart and protected before being faced with the recovery from a large loss.