Square One: Why you need tenant insurance

If you are renting a small place and don’t have a lot of possessions, you may think there is no need for home insurance Here are some common misconceptions: 1

I don’t have a lot of things to protect Even though you may not feel like you have a lot, when you start adding up what it would cost to replace your clothes, shoes, accessories, as well as the basics in your kitchen and bathroom, you’ll be surprised Download our simple home inventory worksheet to get a rough idea of what your possessions are worth 2 I’m a student, so I am covered under my parents’ insurance

Some insurance policies limit the value of the possessions covered for students living away from their parents’ home and most require that you are financially dependent on your parents and that you are only temporarily away from their home Have you reviewed your parents’ insurance policy? What happens to any coverage if you get a summer job and don’t return to your parents’ home? 3 Insurance is too expensive The cost of insurance depends on the value of your possessions You can reduce your monthly premium by increasing your deductible – you take on a bit of the risk, and pay a lower premium

When you look at the cost, think about the cost of replacing your laptop and smart phone… 4 Liability? Nothing could ever happen to me If you decide to have a party and someone slips and falls on your throw rug, you may be held liable Or if you’re playing a recreational sport and accidentally injure someone, you may be held liable While we all like to think that our friends would never sue us or accidents won’t happen, are these risks you want to take? Learn more about Square One’s renter insurance