If you’re getting ready to rent an apartment, you may think you can get away without having to purchase renter’s insurance, which would save you some money. And there are a few reasons why you think you don’t need renter’s insurance, including:
- Your landlord has insurance.
- You can’t afford (or don’t want) another added expense.
- You are not required to have it.
However, you may change your mind if you understood the type of protection that you’re afforded with renter’s insurance. If you have an apartment and you don’t have any type of protection, then you should really consider the benefits of renter’s insurance.
Not as Costly as You Think
Believe it or not, the average renter’s insurance policy only costs up to $30 per month, according to the National Association of Insurance Commissioners.
That is certainly not a lot of money when you compare to how much it would cost to replace items in your apartment in the event of a fire or burglary.
Consider this: if something were to happen and all of your belongings that you keep inside of your apartment are destroyed, your landlord is not going to be liable unless there were issues with the building that the landlord was already aware of but ignored. So, his insurance is going to cover the overall building and not the items inside of your apartment.
Therefore, if you don’t have renter’s insurance, you would not be able to make a claim on your own items on your landlord’s insurance policy. However, if you have your own policy, you would be covered. The following are examples of disasters that your policy would cover:
- Smoke and Wind Damage
- Electrical surges and/or explosions
- Lightening strikes
- Robbery and vandalism
- Water damage
- Winter storms
Also, your renter’s insurance offers you protection for more than just a natural disaster. If someone hurts herself inside of your apartment, you would have coverage for the claimant’s medical claims and any lawsuits that resulted from the injury.
Other Perks of Renter’s Insurance
Another nice perk of renter’s insurance is that your belongings don’t have to be inside of your apartment in order for them to be covered. If you rode your bike to the park and someone stole it, the bike would be covered.
Also, if your apartment were damaged and you had to move somewhere else while you waited for repairs to the damage, you’ll find that the renter’s insurance will cover the costs of temporary housing and possibly even meals. Each policy is different, of course.
The bottom line is that renter’s insurance in Wyoming is extremely important for you to consider. It’s best if you get together with your insurance agent as soon as possible in order for you to discuss the benefits of renter’s insurance and what it can do for your particular situation.