There is a major misconception among younger people about the cost of renter’s insurance. The average cost of renter’s insurance is the same as a few trips to the coffee shop. Seeing as how most renters are responsible for a lot of the same things are homeowners are, renter’s insurance is a must. For example, most people don’t know that stolen property is normally covered under a renter’s insurance policy or that a third of people don’t realize that party accidents are covered a lot of times as well.
Over half of the renter’s in the country don’t have any coverage at all. People would be surprised what they can afford and most policies are very affordable.
One of the parts of a renter’s insurance policy that needs to be taken into major consideration is the loss of use provision. This is coverage that is for if something were to happen that would make the home uninhabitable. The key to this is to make sure that there is enough coverage in this area. The coverage needs to be enough to cover not just the rent in another place, but the day-to-day expenses as well, such as toiletries, while the person is displaced from their home. The standard in most policies is just 20% of contents coverage, while the suggested adjustment is 40%-50% of contents coverage in order to get adequate policy limits
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