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Renter's insurance is truly a necessity, although not a legal requirement. Renter's insurance is used to protect your possessions inside of your apartment, and it can also protect your personal liability. Some people think of renter's insurance as just an added expense or a luxury, but you really need to have it if you care about your belongings. Here are five reasons you must have renter's insurance.

1. It Covers Your Personal Belongings - The main reason for purchasing renter's insurance is that it protects your personal belongings. Although the owners of the apartment building have insurance, their insurance policy will not cover your personal items in the event of theft, fire, or some other adverse situation. After all, your apartment is your home and you do not want to be forced to scramble to replace your belongings.

2. It Protects You From Personal Liability - Personal liability is an issue that few renters think about, but it can be financially devastating. A liability situation may occur in instances such as a visitor in your apartment slipping and falling or sustaining some other type of injury. Your renter's insurance policy can include coverage for these situations if they should arise.

3. It is Affordable - On average,most renter's insurance policies are quite affordable. They will usually cost around $200 to $300 a year, depending on the amount of coverage your policy offers and your current location. This equates an extra $20 to $30 a month on top of your rent. It should be pretty clear that paying this amount in insurance is preferable to paying out of pocket to replace costly items like electronics and jewelry.  In addition you can often times get a discount on your auto insurance by having renters insurance.

4. It Can Take Care of You in a Disaster - Unfortunately, disasters can and do happen, whether it is a fire that destroys the building, a hurricane, or any number of unforeseen circumstances. When disaster strikes, not only are your belongings gone, but you will also have to find your own temporary accommodations. Fortunately, renter's insurance can pay for the cost of these temporary accommodations.

5. It Keeps Your Apartment Protected - Sometimes you may be forced to leave your apartment in the care of someone else, or you may simply have visitors. In any case, there is always the chance that they could damage the apartment or behave inappropriately. You can add coverage to your renter's insurance to reimburse you the cost of repairing this damage.

Renter's insurance should be a basic requirement for all renters. Many Fargo, Moorhead, and West Fargo landlords now require it.  It covers your personal liability and helps you replace items in the event of theft or fire. It is a deal when compared to the actual cost of replacing your items. There are many different options you can explore in terms of coverage, so meet with an insurance company to draft an affordable policy that fits your needs.  If you would like to speak to an insurance professional, email your questions, or call Rod at 701-238-7309.
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