Living on your own for the first time is sometimes nerve-racking but always exciting. As you navigate your way through officially becoming an adult, you may wonder about things like getting insurance once you have your first apartment. Here are the top three reasons you should consider a renter’s insurance policy.
It Covers Your Things
One of the biggest misconceptions young adults have is that they don’t need a renter’s policy because the landlord will cover losses. While it’s true that the building is covered even if it is through lender placed hazard and flood insurance when the landlord’s policy lapses, your personal possessions are excluded. In the event of a covered loss, you’ll want to have the money to replace your items like furniture, clothing, appliances, and everything else you own.
It Covers Your Pets
If you have a pet, you may not be aware that anything that your pet does could be your responsibility. If you own a dog that bites someone, you’ll need a policy to cover defense costs and medical expenses for the injured party.
It Establishes a Relationship
Just as having an apartment can be an important part of establishing credit, maintaining an insurance policy helps prove that you’re responsible. More than that, you’ll also be establishing a relationship with an insurance company that you can rely on to cover for auto and life insurance.
There are many things you will learn being on your own. Having the right insurance is just the first lesson in a life well-lived.