Why Do I Need Renters Insurance? – What All Renters Should Know

“Home insurance is only for people who own homes, right? And I rent my home (apartment, condo), so why do I need renters insurance?”

Fact is, you do need renters insurance unless you want to risk losing everything you own. Read on to learn the truth behind common renters insurance myths.

Myth: As a Renter I’m Covered By My Landlord’s Policy

Your landlord probably does have home insurance covering the property you rent. But it only covers the building itself. It will not …

* Cover your possessions if they are stolen or damaged.

* Provide you any money for living expenses if your home is damaged and you have to live elsewhere during repairs.

* Cover you if someone is injured while visiting you.

You need to buy renters’ insurance to provide these coverages.

Myth: I Don’t Have Enough Possessions to Buy Renters Insurance

You may not think you have very much stuff, but if you take an inventory you’ll be surprised at how much you actually own. Walk from room to room in your house and write down everything you own, including:

* Sports equipment, such as bikes, skis, tennis rackets, etc.

* Electronic equipment, including television sets, computers, cameras, phones, music players, etc.

* Clothes and shoes

* Furniture and appliances

* Books

* Linens

* Kitchen items, including pots and pans, silverware, dishes, and utensils

* Tools and hobby equipment

* Jewelry and collections

Now think about how much it would cost to replace all these items!

Myth: I Can’t Afford Renters Insurance

Renters insurance costs less than you think. The average cost is $200 a year ($16 a month) for $30,000 worth of property coverage and $100,000 worth of liability coverage.

To make sure you get the best rate on your renters insurance, go to an insurance comparison website where you’ll get fast quotes from multiple A-rated insurance companies. The best insurance comparison websites also let you talk with insurance professionals to get answers to your rental insurance questions (see link below).

Visit http://www.LowerRateQuotes.com/renters-insurance.html or click on the following link to get the best renters insurance quotes online from top-rated companies and see how much you can save. You can also get more insurance tips there.