Should You Buy Renter's Insurance?
Are you getting ready to sign the lease to a new apartment? Signing a lease will seal the deal, and the apartment will soon be yours to live in, but have you considered getting renter's insurance yet? Renter's insurance is a product that is highly important and valuable to have, and here are some questions you should answer as you make the decision of whether you need it or not.
Does the landlord require it?
The first thing to find out is whether or not the landlord requires it. This is a question you can ask when you are signing the lease, and the answer might actually be found on the lease. There are landlords that let tenants make this call on their own, but there are also landlords who include this as a requirement. If your landlord gives you the choice, then it will be up to you. If the landlord requires it, then this should answer your question as to whether you need to buy a renter's insurance policy.
Would you be devastated if you lost everything?
Next, you should think about how you would be affected if you lost everything you plan on putting in the apartment you are renting. You may have furniture, collectibles, clothing, and much more. If everything you have was destroyed from water damage, fire, or smoke damage, how would you feel?
For people who have very little, they might not be too worried about losing their things, but people who have a lot may care enough to buy a renter's policy.
Are you prepared for a lawsuit?
The other key question to answer is whether you are prepared for a lawsuit. Suppose you had a guest at your home, and he or she ended up falling down a flight of steps. This person might have the right to sue you for damages. Did you know that? Even though this is not your property, you are renting it, and you could end up in a lawsuit for something like this.
The good news about renter's insurance is that it covers things like this, as it offers liability coverage with most policies.
Renter's insurance, on average, costs around $187 per year. This really is not a lot of money to have the protection the policy offers, and this is another good reason to consider buying a policy. You can learn more by calling Woodmansee Insurance Inc.