Almost every homeowner has insurance, but most people renting or leasing their homes do not have renters insurance. Connecticut is no exception; only 31 percent of renters are likely to have insurance, assuming that the owners’ policy will protect them. But without insurance, renters have no recourse in many situations.
What Does It Cover?
Most renters insurance policies cover:
- temporary housing and/or relocation
In most cases, none of these things are required in the policy of the building owner.
Why Is It Important?
The building owner’s policy covers the building itself, but does not cover personal property owned by renters. Additionally, renters may be liable if someone is injured while visiting the rental.
If a fire or natural disaster makes it impossible to occupy your rental, the landlord is not necessarily required to provide alternative housing. Without renters insurance, you may struggle not only with the loss of your possessions and your home, but the full financial burden of relocation.
How Much Does It Cost?
Most renters policies are surprisingly affordable. The average policy for renters insurance in Connecticut is less than $20 per month. In exchange, you get the peace of mind that comes from knowing your personal property is protected, and you have recourse in the event of an unexpected disaster.
Speak with a local insurance agent to determine how much coverage makes sense for you, and enjoy the security of knowing that you’re prepared no matter what happens.