If you don't own your home, you may think that you don't need insurance to cover your apartment. In reality, all renters can benefit from renter's insurance. After all, you wouldn't drive your car without car insurance or walk around without medical insurance, so you shouldn't leave something as important as your home unprotected. Here are four reasons you need renter's insurance:
1. Your possessions will be protected.
Over time, most people accumulate things that they care about. You may own supplies for various hobbies, some of which can be very expensive; photography equipment for instance, is both fragile and costly. Unfortunately, any number of unfortunate circumstances could damage your belongings, from natural disasters to a home invasion. When you have renter's insurance, you can be assured that your insurance company will pay to replace your valuables in the event that they're stolen or destroyed.
2. You can even be covered in a dormitory.
If you're still in school and living in university housing, you still qualify for renter's insurance, according to And Then We Saved. That's great news since you're more likely to be a victim of theft in a college dorm with so many unfamiliar strangers living in close proximity. Careless roommates may leave your door unlocked, leaving your laptop and other valuables available for thieves to take. Renter's insurance can be a lifesaver for anyone on a student's budget who can't afford to easily replace a computer.
3. You can make it fit your budget.
If you're renting an apartment, the reason might be that you're on a tight budget. Luckily, renter's insurance is highly affordable. According to Investopedia, most renters only pay $187 for their policy annually. That's just over $15 dollars per month, or the cost of three fancy coffee drinks. Protecting your apartment and prized possessions has never been easier or more affordable.
4. You'll be legally protected from liability.
You may not know that you can be legally liable if a guest hurts themselves while visiting your apartment. Depending on the circumstances surrounding their injury, your guest could even sue you to force you to cover their medical bills. Medical care is costly, and an incident like this could leave you with debt. Fortunately, most renter's insurance policies also include liability coverage. This means your insurance company will cover the costs of your guest's medical bill up to a certain dollar amount, so you don't have to foot the bill.