Banks require homeowners to purchase a home owners insurance policy to protect their investment in the home. In case the home or its contents are damaged due to accidental or environmental causes, the bank needs to know that it will get it’s money back to replace whatever is damaged. As a Renter though, there is exactly the same risk that something could happen to your home or belongings but many people are unaware that there is renters insurance available to protect yourself the same way a homeowners does. A renter’s insurance policy provides both personal contents and liability protection. On the budgets that people have to survive these days, it’s hard to imagine spending any money on an additional bill such as a renter’s insurance policy. As hard as it may seem, just for a second consider what the cost would be if you had to replace all of the personal items that you have from just one room in your home, let alone an entire floor or heaven forbid the entire home.
From clothing and furniture to electronics and appliances, the amount that it would cost to have to replace your life is not something many of us have laying around in the bank. Then there are the costs you would need to cover if you were to have to find a new rental home with no notice, and quite possibly a hotel in the meantime. The possibility that you could be responsible for any damage to properties close to or attached to, your rental home complete the reality that many of us are one disaster away from financial devastation. A basic renter’s policy can be purchased for as little as $150 and upwards of $500 per year depending on what you need.
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