If you’re renting a home or apartment while saving for a down-payment, it is highly recommended that you have renters insurance to protect your belongings and your liability if someone is injured in your rental. In most cases, your landlord will require you to have a renters insurance policy, but if not, here are three reasons why you should consider having one anyway!
Protect Your Personal Belongings
It’s probable that your landlord has insurance of their own, but it will most likely only cover the physical structure of your rental, not your personal belongings inside. A renters insurance policy can protect your belongings from theft, fire, water damage and any other covered event.
Protect Your Liability
Much like as a homeowner, you could be held responsible if a visitor gets injured at your home. For example, if someone decides to sue you for your dog biting their child, your renters insurance policy could help you cover the medical bills or court costs.
It’s Affordable (and worth it!)
The best thing about renters insurance is that it is affordable! Premiums can average between $15-30 per month, depending on your location and how much coverage you need. Despite saving for your new home’s down-payment, this small additional cost could save you thousands in the event you need it.
