Do I need tenant insurance if I don't have much?

Even if you think you don't have much, tenant insurance can be a good idea. Consider the value of everything you own, such as furniture, clothing, appliances, kitchen utensils and bed linen. Could you afford to replace your property if it was stolen or damaged by fire or windstorm? Covering personal property in a tenant's insurance policy can help cover these costs.
An inventory of your assets is a great way to document what you own and how much it's worth, the Insurance Information Institute (III). said. You may find that the value of all your shoes, books, electronics, and other items really adds up. Once you have an idea of ​​the value of your property, you can decide that tenant insurance offers a good safety net.
Knowing the value of your property can also help you better estimate the personal property coverage you need to buy. The coverage limit you choose for your personal property coverage is the maximum amount that your policy will reimburse you after a covered claim. If you purchase tenant insurance, you must also set a deductible. This is the amount you agree to pay before your coverage becomes effective to settle a claim.

OTHER COVERS IN A RENTAL INSURANCE POLICY

Tenant insurance covers more than your personal belongings. A standard policy also includes:

Liability insurance. Suppose you accidentally start a fire that damages your home, your child hits a baseball through a neighbor’s window, or a guest is injured after tripping on the rug near you. If you are guilty of damage to someone else's property or are responsible for your injuries in your rental home, liability insurance can help you pay the resulting bills.

Additional cover for accommodation costs. If suddenly, you could no longer live in your rented house due to covered damage (for example, your apartment is damaged by fire, smoke or storm), the additional cost of living coverage in the policy Renter's insurance can help you avoid higher costs. get paid in your own pocket, e.g. B. if you are temporarily staying in a hotel room or if you bring your pets with you.
Renter insurance can help cover unexpected costs in different situations, even if you don't have many. A local representative can help you review your insurance options. With a tenant's insurance policy, you can be sure to have a safety net in case you are faced with an unexpected scenario.