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Is Renters Insurance Worth the Money?

Renters insuranceRenters insurance is certainly worth the expense and there are a lot of reasons why. As a renter, you have an obligation to insure the possessions in your home. While this may seem voluntary, most landlords require renters insurance. They do this because renters insurance is generally inexpensive, usually costing about $15 per month. The amount of money you are insured for can be as high as $25,000. This provides you with a lot of financial protection, for a very low price. Landlords see renters insurance as a responsible thing to purchase and they will sometimes not allow tenants into the facility without it.

Renters insurance covers your possessions

If you own a computer, television, phone, or expensive furniture, then renters insurance is very important to have. It covers virtually all of the items in your home up to a certain amount of money. The amount that you are insured for is generally somewhere between $10,000 and $25,000. This provides you with financial support in case your possessions were to get damaged or stolen.

Renters insurance provides coverage under many circumstances

Renters insurance can actually cover you in a wide variety of circumstances. This includes fires, floods, hurricanes and even theft. Therefore, if your items are damaged in a storm or if they are stolen by a criminal, then your insurance company can cover the replacement costs. It’s very important to have this available because bad things can happen unexpectedly. You never know when someone could break into your home or when a storm could hit. If it happens to you, you’re going to need the financial assistance.

Why is renters insurance inexpensive?

Renters insurance is affordable because the insurance companies do not have to charge a very high premium for the coverage. Renters insurance is purchased by millions of people, amounting to a substantial amount of profit for the insurance company. Very rarely do hurricanes, floods, or fires occur. Similarly, theft is not a very likely scenario when you are renting. This means that the likelihood of you having to use the insurance policy is low, as it is for everyone else on renters insurance as well. However, it’s still important to have as a safety net between you and a potential financial crisis. Since most renters insurance policy holders will never have to put the plan into effect, the insurance company collects a lot of money and this allows them to price their policies affordability.

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February 13, 2013 um 5:26 am
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