If your New Year’s Resolution is to save money in 2019 you are most likely evaluating your budget and looking for things that you can eliminate. Renters Insurance may seem like one of these frivolous expenses because your landlord covers your losses right? While this may be the case for some issues, it is not common which is the reason for renters insurance. Renters insurance can cover many different cases of loss as well, from a natural disaster to a burglary and anything in between.  We require our tenants to have renters insurance, and even if your landlord does not, renters insurance can be your best friend, so make sure to hang on to it!

1. Renters Insurance is Inexpensive – And Covers SO Much!
   • There are quite a few factors that determine the cost of renters insurance, but the main factor is location; however, the amount is just a fraction of what you will spend in rent over the length of your lease. For example, if you are unlucky enough to have your condo broken into and burglarized the replacement cost of your items can be extremely high and that is the last thing that you want to go through during a traumatic time, and an average renters insurance policy covers $30,000 worth of your items for $150/year, a bargain!
2. Your Landlord’s insurance won’t cover you.    
   • A common assumption that renters make is that their landlord’s insurance will cover their items if there is an issue in the unit. This is not the case as your landlords insurance only covers their property and does not extend any coverage to your personal items. Say for instance (this is a true story!), your upstairs neighbor leaves a candle burning and then go out for dinner. Their cat proceeds to knock over the candle, start a fire and set off the fire sprinklers. The unit directly below them had thousands of dollars worth of damage and that was before it ruined the tenants personal items! Thankfully the tenant had renters insurance so once all the repairs were finished his renters insurance company replaced his damaged items and paid for his hotel the entire time he was there.
3. It Protects you against personal liability
   • Renters insurance doesn’t just cover your stuff, it also covers you from what could happen to someone else at your place. For example, if you try to save money and hire an unlicensed handyman who proceeds to slip and fall on your property. They then sue you and you could be held legally and financially liable! However, renter’s insurance can help to protect you in this scenario. And even better news, this coverage is not limited to your property only! If your children or pets accidentally cause damage to other’s property you may be covered as well.