Renters insurance isnt required by law.
Whether you should probably purchase it depends on the requirements of your apartment complex or landlord.
But you cant put a price tag on peace of mind.
Melissa Lyttle / The Penny Hoarder
A lot of major insurance companies offer renters insurance.
What Does Renters Insurance Typically Cover?
First, lets go over the basics.
(However, if an appliance like a dishwasher malfunctions and causes damage, you should be covered.)
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
Renters insurance also protects you if someone is injured on your property.
How Much Does Renters Insurance Cost?
Unfortunately, theres no one-size-all answer to this question.
(But you probably figured that, right?)
Did you know?
I live in Florida, and only pay $12 and change for my roughly 700-square-foot apartment.
There are generally three tiers of coverage: low, mid and high.
Here are examples of how coverage would break down.
(Reminder: The deductible is the amountyoupay out of pocket before your insurance coverage kicks in.)
Well get into costs more in the next section.
Even if you dont own your home, its still important to protect the belongings that you own.
MYTH: Renters insurance is too much money.
REALITY: It usually falls somewhere between $15 to $20 a month.
Sometimes a little more, but sometimes a little less.
MYTH: I can save money on renters insurance by splitting a plan with my roommate.
MYTH: Im already covered since my landlord has insurance.
Your landlords insurance doesnt cover your personal belongings.
Their coverage protects against damage to the buildingsstructure not your everyday items in said structure.
While sitting on your couch, facing your flat screen mounted on the wall?
Where your bedroom furniture and all your clothes occupy the room on the other side?
No more hypothetical questions.
The point is, you most likely have a lot of stuff that would cost serious money to replace.
Is Renters Insurance Worth It?
For the amount of money it costs and protection it provides, we say yes.
Insurance helps you plan for what you cant predict.
For instance, if your apartments sprinkler system malfunctions and soaks your stuff, youre covered under renters insurance.
Sometimes its not just a matter ofyoubeing extra careful, and you should prepare for that.
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