Should you buy tenant rental insurance?

It’s not uncommon at all for people in today’s economy to not be able to afford their own home. Naturally, this means good business for landlords and property owners, as when the economy hits a speed bump, the number of people renting apartments or homes skyrockets. If you’re a property owner, you want tenants year round, if only for an extra source of income. However, for those of us who are tenants and aren’t fortunate enough to own our own property, we face the prospect of living under someone else’s roof, and essentially playing by someone else’s rules. While this has its advantages, it also comes with its drawbacks, as well as decisions to be made. One of these decisions is whether or not to purchase renters insurance.

The main con of renter insurance is another monthly bill for the tenant. When you live under someone else’s roof, you’re paying to live there, paying for utilities, and the list goes on. If you’re interested in renters insurance, you first need to weight the prospect of another expense on your hands. Furthermore, if you decide to make the leap and purchase renters insurance, you want to ensure you’re getting the proper coverage that you desire. Some renters insurance plans can be quite limited and not offer you the complete protection you desire.

On the flip side of things, renters insurance can also be a very valuable acquisition for tenants to have. With the added cost also comes flexibility, and if you’re willing to spend the time shopping around, you can usually find insurance within your price range. On top of that, the insurance itself will offer you protection and insurance that you would not have otherwise. Under typical agreements, landlords will have the rental unit insured, and they’ll be liable for covering you if an injury should occur on their property, but you won’t get much coverage beyond that. Rental insurance can protect you from things like theft, vandalism, and much more, and thus if you can afford to purchase it, can end up being a very valuable addition. Whatever your stance, and whatever you decide, be sure to do proper research before making any decisions. You want to be sure you’re making the best choice for your life and your situation, but you also won’t want to break the bank for any extra protection. Evaluate your situation, and evaluate your finances, and using the information outlined above, make the choice that’s right for you.