Let's clear up anything you still might be wondering about getting a renters insurance policy.
Is renters insurance worth it?
Imagine going away for a weekend, only to return home and realize your apartment was burglarized. Your TV, computer, and other electronics are all gone. Your jewelry is too. Some of your furnishings have even been vandalized. Could you afford to replace everything yourself? If you said no, then you need a renters insurance policy.
How much does renters insurance cost?
Renters policies can be as low $5 a month, a tiny fraction of what it would cost to replace even one of your stolen or damaged items. Rates vary by state and region, but renters policies are generally considered one of the most affordable types of insurance.
Pro tip: You may be able to save money by bundling your renters policy with your car insurance.
What does renters insurance cover?
Renters insurance goes beyond protecting just your stuff, it also protects you. For instance, it might pay for your living expenses if you can't stay in your apartment because of a fire or other disaster. It also shields you from liability or negligence. For example, if someone is hurt in your home or you accidentally leave the sink running and it overflows into your neighbor's apartment below, your policy may pay for repairs, medical bills, legal costs, and other damages.
What kind of renters insurance should I get?
There are several things to consider when you're researching renters insurance policies, including how much your deductible will be and whether to choose a policy that provides "actual cash value" or "replacement cost" in case you must file a claim.
If you choose a policy that provides actual cash value you'll be reimbursed for 100 percent of the price to replace your property (up to your policy limit). A policy that determines value on replacement cost on the other hand takes depreciation of the items into consideration which usually makes the premiums on these types of policies a little less expensive.
The bottom line is almost any kind of renters policy is better than no policy at all. When you rent a home or apartment, renters insurance will safeguard you from losing everything in the event of damage or theft. Getting a policy is easy and affordable,
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