Everyone who’s a tenant in a rental property needs renters insurance. With it, you can cover both your personal property if it’s lost or damaged, and personal liability for accidental damages or injuries you cause.
If you think you don’t have much property to protect, the reality is that even the average renter has $30,000 in personal property. If you even own half of that, which you likely do, you won’t want to cut a check for $15,000 to replace items damaged or stolen from your home.
More importantly, everyone needs liability protection. In the US, if you injure someone and are responsible for their hospital bills — which could cost tens of thousands of dollars — you could easily go bankrupt. A standard renters insurance policy provides $100,000 in personal liability coverage, meaning you wouldn’t be left in major debt.
If all of this sounds expensive, it’s not. The average renters insurance policy costs just $15 per month, meaning that almost everyone can afford it. That’s why we recommend everyone buy it.
