Renters insurance is a great idea for anyone renting their current dwelling. You should consider buying this type of coverage if you live in a rented house or apartment. It will cover you and anyone who visits or lives in your home as well as your possessions. You can get standard renters coverage for your personal property, but you can also get extra options like personal liability.
Since renter’s insurance covers all of your belongings, you’ll be sure that even jewelry (engagement rings, anyone?) and plasma TVs can be covered – but check the plan limits carefully, because certain expensive items might be too expensive to be fully covered. If you regularly transport property outside the home, such as a laptop computer, you may be able to get limited coverage for that item.Don’t get too excited, however. As with any kind of insurance, the more claims you make, the less happy the insurance company will be to have you as their client, and you may incur the risk of having your renter’s policy dropped or seeing your premiums rise.
Renter insurance is a great idea because it is relatively inexpensive (typical rates are perhaps under $100 a year) and because you would probably hate to have to pay hundreds of thousands of dollars in damages if you were uninsured. Medical expenses may also be insurable up to a certain low amount (such as $1,000 of coverage for each person in the household), so that if you fall and break your ankle, you won’t have to pay as much (or at all) in medical bills.