<< Understanding Basic Insurance Needs

Most Renters Need Renters Insurance

If you rent, getting renters insurance is generally a good idea. And while rates vary by state and location, according to QuoteWizard the national average in 2022 is $219 a year ($18.25 per month) making it quite reasonable.

Renters insurance can cover items like a bicycle and much more.

What does renters insurance cover?

Renters insurance coverage falls into four categories:

• Personal Property – all the things you own including your electronics, furniture and more. If you have high-value items like jewelry, check with your insurer to make sure it’s covered; you may need to itemize or add extra coverage.
  
  
• Personal Liability – if something bad happens to someone in a home you rent, this kicks in to help with associated legal costs.
  
  
• Medical Payments to Others – if something bad happens to someone in a home you rent and they need help covering medical costs, this kicks in.
  
  
• Loss of Use – if you can’t live in your rental property due to some form of damage, this kicks in to cover other expenses while you’re living elsewhere.