A Renter and Roommate Resource  | The WilliamPaid Blog

Why Renter’s Insurance is Important

William Paid January 17, 2011 Money Mondays No Comments

Apartment Fire

You’ve paid the security deposit, the moving costs, the furnishing costs and you thought you were done, but there is one necessary expense that every renter should invest in to save them both cash and headaches. Renter’s insurance may not seem like a necessity, but when you are standing in the apartment into which you’ve sunk an exorbitant amount and it’s no longer livable, it will be too late.

So what can renter’s insurance provide? Read on for the answer.

  • Protection: Renter’s insurance can protect tenants from disasters including fires, theft, vandalism, smoke damage and much more. Being covered in case something does happen to your belongings means that your insurance will cover the valued items and replacement costs to ensure you’re not left empty-handed.
  • Living Expenses: When something does happen to the apartment or home making it unlivable, renter’s insurance will cover temporary living costs until the tenant is able to make new arrangements.
  • Personal Liability: We all invite others to enjoy our homes occasionally, but sometimes accidents can occur resulting in injury. If this happens in the tenant’s home, then they could be liable for any medical costs. Renter’s insurance can help cover the cost of litigation fees if the tenant finds himself or herself in court.
  • Peace of Mind: Having renter’s insurance, protects tenants from the great risks involved in renting. Knowing they have someone in their corner makes renting a more attractive option to many, especially when they find themselves in need of a helping hand.

The most attractive part about renter’s insurance is the price tag. Unlike many other forms of insurance, renter’s insurance is easily affordable with the average cost ranging between $100 and $200 a year and only $10-$20 a month.

Of course, no insurance plan is the same, so be sure to read all of the fine print and know exactly what is covered in your plan. Do you have renter’s insurance?

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About The Author

My name is William Paid, Esquire and I’m a serial personal butler with 40 years distinguished service, orchestrating exceptional living experiences for exiled kings, rockstars, supermodels, and even a few “young gun” Internet executives who are now woefully overleveraged and unable to employ my services. My role is to ensure everything runs smoothly for renters and roommates. I’m at YOUR service.