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Renters insurance must knows

One of the best ways to improve overall well being is by purchasing renters insurance to bring peace of mind at a very low cost. If you have roommates, invite friends over, or have valuables that you want to protect, renters insurance is a great investment.

It’s important to understand that homeowners insurance is for the building and does not cover renters if something happens inside and may not even have medical coverage in case of accidents where someone, including yourself, gets hurt. Renters insurance covers you, guests and even neighbors similarly to how car insurance covers medical damages if someone gets hurt near the property.

However, unlike home and car insurance, renters insurance is incredibly affordable, starting as low as $10 per month for all the coverage you need. Rates increase if you want a larger dollar amount of coverage or if you want to add extra insurance on different types of property such as jewelry and electronics. It’s best to stick to the basics for all the liability and medical coverage.

Another benefit of carrying renters insurance is that it usually works as a separate insurance policy. Insurance companies usually offer discounts to customers with multiple policies. Although renters don’t have a homeowner insurance policy to reduce car insurance, a renters insurance policy can easily pay for itself through savings on car insurance.

Banks require all home owners to have home insurance, yet only about 1 in 3 renters have renters insurance. Renters insurance is one of the top 3 ways to use your money. The protection and cost are unparalleled.

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