When you have a good renter’s insurance policy policy in effect, it can mean the difference between being protected in the event of a disaster and not being out everything you worked for. According to recent studies, about two-thirds of all college-aged renters don’t have insurance, while more than half of those beyond their college years aren’t protected either. Many people assume that renter’s insurance is just too expensive, but that is the farthest thing from the truth. On average, you can get a standard plan for less than $20 per month. Think about where you last spent $20, was it on a night out with your friends?

If you have stuff that needs to be protected, you need to have a renter’s policy in place. Everything from your laptop to your jewelry, clothing and furniture should be covered. Your landlord probably has their own policy to protect the outside of the home, but that isn’t going to do anything for all of your stuff inside of the home. In the event of a burglary, fire or other natural disaster, your belongings could all be gone. Even if you have a roommate with their own policy, that doesn’t mean you shouldn’t get one for your own stuff. Everyone has to have their own policy in place to make sure they are going to be protected.

What All Does Renter’s Insurance Cover?

Renter’s insurance often covers potential loss of your personal property from vandalism, theft, fires and storm damage. Often times, policies don’t cover any floods or natural disasters, so you need to confirm what your coverage entails to make sure you understand what you are getting with your policy. The insurance often comes with additional liability coverage, which is going to help you out if someone were to get hurt while visiting your property. If someone were to slip and fall inside of the home and decided they wanted to sue you, the policy would make sure you were protected.

How Much is it Going to Cost You?

Renter’s insurance policies often cost around $200 per year, although the total amount is going to vary based upon where you live, what type of deductible you want and the amount of coverage you desire. The more coverage you need to protect your belongings, the more your policy is going to cost you. As your deducible decreases, your premium is going to rise.

Discounts are Available for Your Policy

By purchasing multiple policies, you can get a discount on both of them. Bundling your car and renter’s insurance could help you save as much as 20 percent off your policy. If you have fire extinguishers and smoke detectors in the home, you can also get a discount on your policy.

To find out more about what your policy is going to cost you and what discounts you are eligible for, speak to one of the qualified professionals today.