If you’re budget-conscious, you might think purchasing renters insurance is a luxury you can’t afford—especially if your landlord doesn’t require you to hold it. But like most insurance, it can pay dividends when the unexpected occurs and your valuables are lost, stolen, damaged, or destroyed–and much more besides.
The average person has more than $30,000 worth of belongings in their apartment, says Michal Brower, a spokesperson with State Farm—and much of that isn’t covered by your landlord’s insurance policy. “If a fire gutted your apartment tomorrow, would you have the cash to replace it all?” he asks. “The good news is that with a renters policy, your property would be protected for covered claims.”
But what exactly are those covered claims? “Renters insurance covers a lot more–and is a lot less expensive–than many people think,” says Luke Cohler, licensed agent and co-founder of Jetty, an insurance start-up aimed at millennial renters. We spoke to insurance experts from three different providers to get the inside scoop. Here, the six most surprising things that might be covered under your policy:
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