Today I read an article on Yahoo Finance about why you need renter's insurance. You can read the article here. My fiance and I recently attained renter's insurance for our house that we rent. We have always thought we needed renter's insurance but have never gotten it. Recently when I proposed to her we decided it is time. We also wanted to get the engagement ring covered which was the main stimulant for us finally getting the renter's insurance.
As with all insurance, we hopefully will not need it. However, if there was a disaster and we were not covered, it would become a disaster to our finances. We would have to replace furniture, computers, televisions, clothes. All of which would cost quite a bit if we are replacing them all at once. More then we currently have. We see on the news everyday house fires, floods, tornodos or other different disasters that can happen. If one of these were to hit us, we would want to be covered.
Renter's insurance for us was not that expensive. We chose $20,000 coverage with $1,000 deductible. This kept our premiums close to $150 a year which is a low price to pay for financial security. Because of the low price of renter's insurance, there is no reason for anyone who rents to not have it. Protect yourself now, before it is too late.