Why is Renters Insurance Good for Tenants and Landlords

What is Renters Insurance?

Many of you are familiar with homeowners insurance, which is coverage that people buy to protect the home they own. You may think that renters, who do not actually own the building or property, do not need any coverage. But I believe that a renters insurance policy is good for both tenants and renters.

So why do I, on a frugal living website, believe that it is worth it to pick up another bill?

Renters policies are usually pretty cheap. Since they do not actually cover the building or property, these policies do not cost all that much. You may be able to find adequate coverage for $20 a month!

Contents Insurance

These policies provide home contents insurance. In other words, the personal property of the renter will be covered in case of loss or damage. In some cases, they will even cover that property if it is taken from the home. For instance, a laptop may be taken out on business, but could still be protected against loss, theft, or damage.

Relocation Money

Policies can provide relocation insurance in case damage forces the tenant to evacuate. An example would be the money to pay for a hotel room for 30 days (or whatever is specified in the policy) until repairs are made or another home can be found.

Liability Protection

Policies may also provide liability insurance. If a visitor claims injury or damage in a home, the tenant will be covered.

You can also see why this coverage would be good for landlords. The renter will have this coverage to turn to rather than trying to sue the owner for damages.

Find Renters Insurance Quotes Online

You can get quotes for renters insurance with fast, safe, and free online forms that pull competitive rates and policies in your local area.

Many landlords require renters insurance these days, but I really believe this coverage is good for the tenant too!

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