Did you know that your landlord’s homeowner’s insurance policy does not cover any of your personal belongings in case of an emergency? If your fridge goes out, the basement floods or someone breaks in and steals your TV, the landlord most likely won’t be the one paying for your stuff. This is a great reason to have renter’s insurance, which can cover all of your personal belongings depending on your coverage.
We often don’t think of having renter’s insurance because as non-permanent residents, it just doesn’t seem like we have that much or that what we have is even worth the money.
What to consider when picking a policy
Before selecting exactly which policy you want, do you research and understand what each policy covers. There is a list of undesirable circumstances and events that are included in each policy from explosions and hail to riots and smoke. There are some scenarios that aren’t always covered like floods and earthquakes.
The impact on your wallet
The good news is that you’re most likely to pick an insurance policy that won’t break the bank. Why? According to the National Association of Insurance Commissioners, the average policy is $190 per year. This averages out to about $16 a month which is a low price to pay to cover your belongings.