Your home is your safe place; it’s the place you go when you want to shut out the world and all the chaos and feel safe, relaxed, and comfortable. Because the home is held so dear to many people, it would make sense for more people to choose to protect their home and belongings. Cameras, TVs, stereos, family jewellery and heirlooms, and anything else of extreme value are left for long periods of time, and unfortunately, anything can happen. Luckily, renters insurance covers your losses if something unfortunate were to happen, so you can get your life pieced back together quickly and efficiently.

Who Needs Renters Insurance?

The answer to that question is simple; anyone who rents their apartment or home could benefit from renters insurance. Some apartment complex managers require their tenants to purchase renters insurance, but it’s typically not very broad coverage. Most managers also provide insurance coverage as well, but it’s focused on damage to their building, not your personal belongings.

What’s Covered?

There are many different plans you can choose from for renters insurance. Most basic plans typically cover damage caused by fire, water damage, burglaries, and vandalism. To cover more of your belongings, you can always add additions to your policy that will allow for coverage of your personal items. No one wants their laptop with their music supply to get stolen, and having to replace your turquoise jewelry set would be devastating. While renters insurance doesn’t protect you from break-ins, it does make it easier to replace any financial loss that you might experience.
Aside from what’s inside your apartment, some things can be covered from outside the home as well. Most policies offer coverage that can extend to your belongings in your car. Most apartment complexes don’t come with garages for all of their tenants, and unfortunately, vehicle-related thefts are all too common.
If your home were to be damaged to the point of being deemed unliveable, renters insurance can also cover your shelter while your apartment is being fixed up or while you transition into a new home. Having the relief that your basic necessity of housing will be covered can be a warm wave of relief in a frustrating and difficult time.
Accidents involving bodily injury from within the home can be covered with an additional provision to your policy. Trips, falls, and burns are common household accidents, and if someone was injured in your home and held you responsible, renters insurance could help cover their medical bills as well as your legal costs.
Unfortunately, certain things aren’t covered. Damage caused by natural disasters is usually excluded, so if you live in a high risk area, you might want to talk to your insurance agent about other polices that would help with coverage in the event that a flood or earthquake takes place.

Let’s Talk Money

One of the best perks of renters insurance is the fact that it’s fairly cheap. Plans can vary from $5-$50 depending on the coverage, and additional add-ons to the basic policy aren’t usually very expensive. Considering the value of your belongings or the cost of possible damage to your apartment could add up to be a big chunk of change, it’s really not putting you out too incredibly much to spare a few extra dollars a month to ensure your home and belongings.
People insure all sorts of things; car, health, and life insurance are all very common policies that people consider necessary. It makes sense that insuring one of the most valuable things you have, your home, would be just as big of a priority. Renters insurance is great for anyone renting their home or apartment as the coverage is broad and the cost is relatively low; besides, peace of mind is priceless.