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I see so much information about homeowners insurance and how necesary it is, but what about renters? Do we need to worry about having sufficient insurance, too?

As a renter, you might think that insurance is something you can avoid. After all, you don’t have a dwelling or property to protect—that’s your landlord’s job.

But you do have possessions, and if the wind or a tornado were to blow the roof off your building, you could suffer wind and water damage to your furniture, electronics and family collectibles.

Your landlord’s insurance policy most likely doesn’t cover a renter’s property. So if this damage were to occur, you would not be reimbursed from the landlord’s policy.

Additionally, unless you can prove some sort of neglect on your landlord’s part, you would likely be unsuccessful in suing him or her for damages.

Whether you are a home owner or a renter, it is important that you recognize the hard work you do in order to furnish your home and that you protect your possessions by purchasing renters insurance to cover them. I

If you don’t, you may have to dip into your retirement savings or take loans out in order to refurnish your apartment after an insurable incident. And the money you will spend doing that is likely to amount to much more than renters insurance premiums would have.

If you are concerned about your budget, be sure to compare insurance quotes to find a policy that you can afford.

Courtesy:  e-wisdom.com

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