Four Reasons You Need Renter’s Insurance
Renter’s insurance is generally considered optional, but some landlords mandate it. The benefits of renter’s insurance include protecting policyholders from losses when their belongings get damaged or stolen. While the landlord’s homeowners insurance will cover any damage to the property itself, it won’t cover the renter’s personal belongings such as furniture, electronics, or other valuables. Moreover, a renter’s insurance policy protects the policyholder from losses if an injury occurs in the rental, as well as potentially cover additional living expenses if it becomes necessary to vacate.
In 2017, the average cost of renter’s insurance in the United States was $180 a year, according to the National Association of Insurance Commissioners (NAIC). The amount a renter would spend on insurance depends on the level of coverage purchased.