The last thing most renters want to think about is something awful happening to their apartment, whether it’s a fire, a burglary, or some natural disaster people tend to push these kinds of things to the back of their mind and hope they never happen.  Unfortunately the reality of the situation is that they do happen and renters are not exempt.  In fact, renters are more likely to be robbed than homeowners according to the Bureau of Justice Statistics.  The best way to protect yourself and your assets is to get renter’s insurance and the good news is it’s not nearly as complicated or expensive as you may think.

What does renter’s insurance cover?

At its simplest, renter’s insurance covers your possessions, liability, and additional living expenses.  What does that mean?  Well, let’s say the building you reside in caught on fire and your apartment was rendered unlivable for the time being.  Renter’s insurance would cover the damage and loss of your possessions as well as additional living expenses like moving into a temporary apartment.  In the case of liability the insurance will cover incidents where non-tenants become injured on the rented property.  Simply put: renter’s insurance ensures that in the case of emergency or freak accident you and your possessions are protected.  Without it you’d be put in the difficult situation of paying for property repair, possession replacement, or health costs out of your own pocket.

How much does it cost?

Another interesting statistic comes from a survey done by Allstate Insurance.  The results of the survey reported that respondents estimated renter’s insurance to cost almost 15 times more than it actually does, so don’t feel too bad if you thought this service was out of your price range.  The National Association of Insurance Commissioners reports that on average it costs $15-$20 a month. Prices vary depending on where you live and what type of apartment you occupy but fortunately you can also get discounts if you pay the yearly amount upfront or bundle along with auto insurance, a wise choice if you have the means.

How do I get it?

If you visit any insurance company’s website you can get a price quote and read more into their policies to better understand what that specific company can do for you.  Simply visit any site, give them a call, or visit a local office.  If you’re not sure which insurance agency you should choose there a plenty of sites to assist you in the process such as NetQuote.  No one wants to experience the pain of losing your possessions or home, so have a plan, get renter’s insurance.

For more information on renters insurance drink a cup of coffee and watch this video.