Renter’s insurance is a really smart way to protect yourself against liability and to pay for the replacement of your personal property in the event of a fire or other common risks. And here’s a piece of really good news if you’re thinking about renter’s insurance: It’s much more affordable than most other types of insurance.
The national average is about $16 a month for renter’s insurance. If you bundle it with an auto policy or another type of insurance, you can sometimes even get renter’s insurance for a nice monthly discount.
Here’s what a typical renter’s policy covers:
Your Stuff: If your personal items, furniture, computers, clothing or other possessions are damaged in a fire or stolen, your policy will pay to replace them (up to certain limits).
Liability: If someone trips and falls inside your apartment and is injured, your renter’s policy can pay for their medical bills.
Living Expenses: If your apartment is rendered unlivable due to fire or smoke damage or some other disaster, renter’s insurance can pay for hotel stays, food and other emergency expenses while you’re displaced.
A renter’s insurance policy does not protect against earthquakes or floods, but you can purchase an add-on if you live in a flood-prone area. Structural damage to the building from natural disasters is another thing a renter’s policy doesn’t cover; the landlord’s insurance is responsible for those instances. Also, a renter’s insurance policy does not protect your vehicle if it’s lost, stolen or vandalized in the apartment complex’s property. To protect your car, you really need a comprehensive auto insurance policy.
You never know when disaster is going to strike, but that’s what insurance is for. Given the low cost of renter’s insurance and the safety cushion it can provide you with as a renter, it’s definitely worth it in Tennessee. Contact us if you’d like a free quote on renter’s insurance.