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The Facts About Renters Insurance

You might rent an apartment, but chances are you own the expensive stuff inside the apartment. Who will replace it all if something happens? Hint: Not your landlord.

A natural disaster – or even a kitchen fire or broken pipe in an adjacent apartment – can wipe out everything a renter owns. That’s why there’s renter’s insurance. And in most circumstances, you should get it.

More than 81 million Americans rent – and according to a study done several years ago, 50 million of them don’t have renters insurance. Why? Maybe they believe one of these myths...

1. Like homeowner’s insurance, it’s expensive

Renter’s insurance is much cheaper than homeowner’s insurance. Typically you get $30,000 of personal property coverage – against theft, fire, and natural disasters – for $150 to $300 a year.”

2. My landlord has insurance, so I don’t need it

While your landlord probably has insurance to cover their building, your possessions aren’t their problem. In fact, since the landlord doesn’t own your stuff, they don’t have an insurable interest in it anyway. Your landlord will not pay for your temporary living expenses if you are displaced due to a fire or water damage but your Renters policy will.

3. My roommate has renter’s insurance, so I don’t need it

Some policies cover roommates, but most don’t. So you better ask your roomie to make sure. But even then, there are a couple good reasons to have your own policy.

For starters, these policies have deductibles and limits on the dollars they pay out. Have you already talked about splitting the deductible? What if your stuff is more expensive than your roommate’s stuff? The time to settle these important details isn’t the day after you’ve lost all your possessions.

4. I don’t have enough stuff worth insuring

Do you own a new laptop computer? Or a flat-screen TV? When we think of valuables in a home, we often look no further than furniture and major appliances. You also have clothing, furniture, and many other things to replace if you were to loss it at all in a fire.

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