Are you currently renting an apartment? If this is the case, and you don’t have renters insurance, you are making a very big mistake. Not only is it a “must-have” in terms of insurance, it is quite inexpensive.

The Basics of Renters Insurance

Simplicity is one strength of renters insurance. As opposed to the complications of insuring a house – as well as the cost – insuring your apartment property is rather straightforward. Here are some common areas of coverage with renters insurance:

• Personal property
• Personal liability coverage
• Relocation assistance (if you are forced to live somewhere else, permanently/temporarily)
• Others, such as off-premise coverage and identify theft coverage, even

Note that you can choose to add on increased coverage, to give you even more protection. Even with some of the following, as we will find out, the price is still quite reasonable:

• Replacement Cost Coverage: Your three-year old big-screen TV isn’t worth $900 anymore, but you do want a new big-screen TV.
• Scheduled Personal Property: If the st andard limits for jewelry, fine arts  and furniture isn’t enough, for instance, you can add to it here.
• Business Coverage: If you can run a business from your apartment, you’re probably not covered unless you add protection.

Benefits of Renters Insurance

Are you protected from theft, fire, or your neighbor’s leaky faucet? If you don’t have renter’s insurance, you could be in for an unfortunate surprise.

The necessity of renters insurance is thus seen in these instances. And note that while your l andlord should have insurance, it will certainly not protect you in many instances. In other words, living without renters insurance is rather dangerous.

It is all-the-more imperative due to its cost. When you compare it to home and auto insurance, for instance, renters insurance is a mere speck in the insurance world. The facts certainly prove this.

According to the National Association of Insurance Commissioners, the average premium runs as little as $15 – $30 a month. It is not common for a policy to run slightly less or more than $200. Even additions such as increased jewelry protection and identify theft coverage would l and a policy in the $300 – $400 range for a year (source).

Imagine the scenarios that could occur. Certainly, if you are a renter, renters insurance becomes an important policy to purchase. It could be the only thing that st ands between you and financial security for your items and your “home.”

Karl Susman, Susman Insurance Agency