When you are renting an apartment or house, you may not think much about renter’s insurance. However, it is a highly important and valuable investment to make.
There are plenty of reasons why people decide to rent a home rather than purchase one. Some people may be new to an area and want to get the lay of the land before they decide which neighborhood they want to try to purchase a home in first. Others may be trying to save up enough money for a down payment on a new home.
Still others may be facing a number of financial problems that force them to rent instead of own. No matter why you are renting, renter’s insurance is one of the most important investments, or expenses, that you can make.
Here are three reasons why any renter should get renter’s insurance.
1. Your property is not protected.
Even though you don’t own the house or the apartment you are now living in, you likely have a number of possessions inside. Your furniture, photo albums, entertainment center, and everything else is sitting there unprotected.
Just as a homeowner will have insurance to protect their investment, you need to consider these items as an investment that you have made. They are your assets.
2. Damage can happen at any time.
No matter how careful you are, if you live in an apartment complex or a multifamily home, a fire can be caused by any of the other tenants. Even if fire doesn’t directly impact your apartment or home, smoke and water damage can. If you don’t have renter’s insurance, you won’t be protected.
3. Theft can happen as well.
Even though you are renting an apartment, that doesn’t mean potential burglars aren’t interested in breaking in and taking what they want. If you are ripped off and don’t have renter’s insurance, you may be out of luck.