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Thanks for making it easy to find the cheapest renters insurance. Knowing our stuff is always protected gives me peace of mind.

Matt and Bethany, Charleston SC

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Renters insurance is not mandatory by any means; coverage is optional for those of who live in a rented home. Each of us can choose whether to carry a policy for our apartment or condo. But even though renters are not required to buy a rental policy, it is still highly advisable that they do so. The excellent coverage provided by renters insurance spans several different protection types. From liability to property to medical coverage, you can get a lot of insurance protection for a small premium. The low prices included in a renters insurance plan are remarkable given their span of protection. These prices make it hard not to carry a plan for those of us who know about them. The combination of price and protection make a rental plan an excellent value and a true insurance bargain. We should carry renters insurance even though it is not mandatory, because it is such a great value for the money.

Rental Plans Offer Excellent Coverage

The first and foremost reason why we should have renters insurance as renters is that they offer such excellent protection for us. The coverage included in these plans is really quite impressive given the low cost. In a sense, a renters plan is sort of like a homeowners policy with the physical dwelling property coverage cut out. They give you great protection for the things you own, and they shelter you from harm with liability elements as well. In addition there are extra areas of coverage to finish out the policy.

The personal property protection insures your things against risk of any covered loss. If you experience a kitchen fire and some of your kitchen ware is destroyed, you can file a claim against your property plan. If your house sustains damage from a wind storm and some of that damage extends to your belongings and those of your family, you can open a claim. And of course, if you are victimized by a major theft, you should really hope you have renters insurance at that time. Without it, you will be powerless to do anything about it beyond hoping your things get recovered unharmed. But with a good renters plan, you will be compensated for your loss up to the limit of the plan, less your deductible.

Personal property is a staple part of your overall plan as an insured renter, but it is not the only insurance benefit to this plan. You also get covered in your condominium or townhouse for liability costs that could come out of a civic liability situation in your home. These situations normally have to do with an injury to a guest at your dwelling space, but can also involve damage done to others' property by someone insured on your plan. An example might be a guest who slips at the front door threshold and ends up hurting their shoulder and needing medical attention. Depending on the severity of injuries and the cost of treatment, they may have no choice but to come after your insurance for payment. If you are covered, this may not be that big of a deal. But if you have no renters insurance, you could be in deep trouble financially if you're held responsible for these medical costs.

Great Prices on Great Policies

The excellent protection you can get from a renters insurance plan is only part of the reasons why you should have it. A second and equally compelling reason is its great price. It is amazing how much insurance protection you can get for very little money. Depending on the state you live in, the average cost of a renters insurance plan can vary for a default policy anywhere from $10 to $22 per month [1]. Even at the high end the cost is nothing to put most of us into poverty. If you want renters insurance, you can make adjustments to create that much wiggle room in your monthly budget. It is really worthwhile to take a look at adding a renters plan. The low cost and the excellent protection are a tremendously attractive combination.

Of course, not every single renters insurance plan will cost the same amount. That is the case for more than one reason. Not every renters plan contains the same level of protection. Some people are content to choose a default policy, while others need more property protection or want higher levels of liability on their plan. The choices you make on how well covered you want or need to be will make a difference on the price you pay. But even so, it will not change one thing about renters insurance. These insurance plans are a great value regardless of whether you opt for a standard form default level or a customized plan with higher limits and special endorsements.

A Superior Protection Value

So, another great reason to choose to get into a renters policy is the simple fact that these plans are a superior value in protection. The combination of cost and coverage makes them an excellent value. It also makes them a great investment. There are many things we can be spending our money on as renters. You can decorate your loft with expensive curios from the nearest mall. You can be the most well dressed student on the whole campus. You might be the senior with the nicest canasta games at the senior center. But better than all of these uses of a little bit of extra cash is the investment in a renters insurance plan. For just a few hundred dollars a year or so, you can get something like $30,000 in personal property and $100,000 in personal liability coverage for you and your family.

There is no better value in the world of insurance than renters insurance. Simply put, a rental insurance policy is the best deal around in personal protection. You can get a standard policy for a very reasonable price. But you can also add important additional protection as needed for valuables. For example, if you have a firearms collection you can get separate protection for it, at the value of the collection. If you have some heirloom jewelry, again, you can get renters protection on it. Particularly theft prone items are especially nice to get extra plans on so that you are not left uncompensated if anything does happen to them down the line. It's nice to know your valuable things can be covered as well as your staple items like your clothing and your kitchenware. The reach and the span of these plans is what make them so impressive for the price. A covered insurance policy holder can even get certain types of assistance with moving costs if a home becomes uninhabitable after a claim event.

Rental plans are not required for tenants, but they are an excellent investment for those of us who choose to spend a few dollars to protect ourselves in our rental situations. The combination of excellent, comprehensive coverage and great prices makes these plans a great choice for any renter to invest in. It's easy to see why we should have renters insurance.

[1] Retrieved 2010-02-21.