For those of you out there who are renting a home or apartment, you should know you have almost as much need for insurance as a homeowner does. Unfortunately, we often overlook the importance of renters insurance, which is a big mistake and can cost big. In this blog, we will tell you what renters insurance is, how it works, and why you need it!<\/p>\n\n\n\n
As a renter, you don’t own the building you live in; however, you do own a whole lot of stuff that’s inside of it. It goes from your furniture to the artwork you have, clothes, dishes\u2014everything that’s within those walls. Homeowner\u2019s policy DOES NOT cover that. It’s your responsibility to ensure the stuff you own. And that\u2019s why\u2014renters insurance! You can think of renters\u2019 insurance coverage as homeowner\u2019s policy coverage minus the building.<\/p>\n\n\n\n
So, what happens when a covered item is lost or damaged? Renters\u2019 insurance covers all of your stuff at a replacement cost basis, which means you get new for every damaged\/lost item. If you have anything specific, for example, jewelry, collections, or antiques, you can schedule those separately\u2014just like a homeowner’s policy.<\/p>\n\n\n\n
Renters insurance also protects your personal liability, which means, if you’re responsible for somebody else becoming injured or suffering damage, it\u2019s covered in the insurance.<\/p>\n\n\n\n
As far as the cost of renters insurance is covered, it can be anywhere between $200-$400.The exact cost can be determined by what and how much you want to insure.<\/p>\n\n\n\n