Insurance is something everyone needs but hates to pay for. It’s always better to be in a situation where you need it and have it, than wishing you would have gotten that policy after all. Insurance is designed to help individuals afford costly problems that were no fault of their own, and in some cases, make them whole when they’re been a devastating loss. Some insurance policies might be a harder sell, and in this post we’ll take a look at whether or not you really need renters insurance in Port St. Lucie

Does your landlord require renters insurance?

You might not even have the luxury of getting to answer the question about whether you need renters insurance. In fact, your landlord or property management company in charge of your building might just require it. If it is a requirement, it will be spelled out in your lease so read the fine print carefully.  

What exactly does renters insurance cover?

Rental insurance typically includes three different types of coverage: personal property coverage, liability coverage, and loss-of-use coverage. Personal property insurance covers your property if it’s stolen or damaged by things like fire or theft. Liability coverage covers you if you damage someone else’s property or cause them injury somehow. Loss-of-use coverage covers your expenses if your current rental home is deemed uninhabitable for some reason. 

How much will the policy cost you and where can you get it?

To find a reputable renters insurance policy look first to your existing insurance providers. They might also offer this kind of insurance and buying multiple policies from the same company could earn you a bundle discount. You can expect the policy cost to vary based on the value of the items you own and what it would cost an insurance company to replace them in the event of a loss. You can choose a policy that offers replacement cost value or cash value which takes depreciation into account. 

Scenarios where you’ll be glad to have it

If you live in a large apartment complex and a unit near you catches on fire, smoke and water damage could easily extend to your unit and destroy your things. In this situation, you’ll be glad to have renters insurance. If a little old lady behind the wheel of a car gets startled while driving and pummels into your front door, renters insurance will cover your property loss. And there are countless other examples of scenarios that you might never expect, but that you’ll be glad to have your renters policy on the books.