Renters Insurance Is an Inexpensive and Effective Solution That All Renters Should Consider

How much life insurance do i really need

In the United States, insurance policies are a common expense for Americans — simply go online and see the hundreds of affordable online insurance quote websites exist for users to compare insurance quotes. Although affordable insurance rates are plentiful, an estimated 50 million U.S. residents have inadequate life insurance policies, and plenty of Americans don’t have insurance coverage for a number of useful purposes, such as a protecting the personal belongings for those who rent instead of owning a home . Well known statistics such as 39% of all unexpected U.S. deaths being caused by auto accidents make it easy for us to get adequate auto insurance policies, but what about the less popular insurance coverage, like a renters insurance policy?

The USAA estimates the cost of replacing furniture in a typical rented home in the United States is equivalent to $6,000 dollars. Additional research shows that the average two-bedroom rental residence can contain more than $20,000 U.S. dollars in personal property. If you’re a renter, losing all of your personal belongings due to a break-in, fire or a natural disaster would be devastating, and extremely expensive. Because these disasters can happen to anyone, it’s a smart investment to buy renters insurance.

A renters insurance policy protects your personal possessions against vandalism, theft, fire, sprinkler system flooding and natural disasters. The best part, is that most rental insurance rates are extremely affordable, with many policies costing as little as $12 a month. Think about how much it would cost you to replace your electronics, clothing, furniture, books and everything else you’ve accumulated over the years, spending under $20 a month to protect all of these possessions is a very smart investment.

It’s comforting to assume you won’t be the victim of a fire, theft or a natural disaster, but this wishful thinking can lead to a financial disaster if you don’t have the adequate rental property insurance. Remember, your landlord’s or property owner’s insurance policy won’t cover your personal possessions, their policies only insures the structure you’re living in. If disaster strikes, if you’re not covered by renters insurance, you’re responsible for replacing all of your lost possessions.
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