A renters insurance policy protects renters in a house or an apartment. Statistics from the Insurance Information Institute show that over 44% of Americans have this insurance because they believe in its credibility to protect their properties. About 50% don’t have it because they think it’s expensive, and the percentage varies from state to state.
Many renters believe their landlord’s insurance policy or their roommate’s will cover them. This assumption is false, as the repair for some damages covered in homeowners insurance doesn’t extend to renters. Renters insurance can help you replace or repair your property after loss or damage due to an accident. Without it, you’ll need to pay for repairs from your pocket.
Depending on where you live and the extent of the damages, some damages are too expensive to cover without insurance. Your landlord may have his insurance. Without these policies, repairing your property after an accident may affect your savings…
Continue reading to see why it is important to have.
This post originally appeared at MoneyMiniBlog.