How many times have you seen a couple or a whole family burned out of their apartment, left with nothing? Families, communities and social service agencies usually rally around and help out in the first few weeks but in the long run you have to fend for yourselves.
There is one other factor to consider. Tenants big or small are responsible if they are the cause of a fire that destroys their unit, several units or the whole unit. That could run into hundreds of thousands or millions of dollars.
Tenant insurance policies carry both liability insurance and anywhere from $10,000 to $40,000 of personal property damage replacement plus other benefits. The cost is usually about $12 to $20 a month depending on who you purchase the policy from. It's usually cheaper if you purchase from the same company who insures your vehicle.
I don't sell insurance. I'm just another tenant. We've never made a claim but it's good to know that we would be covered if the worst happened. If you would like to read more on this topic click here.
