Insurance is one of life’s necessary evils, and the same goes for renters insurance. Depending on where you work, you probably already have some sort of health coverage. And you probably have car insurance if you own a vehicle. Homeowners usually also have an obligation to have their property insured per mortgage rules. But should renters get insurance too? Well, in the majority of cases, they should. But it’s still important to weigh the advantages and disadvantages of getting coverage as well. Let’s take a look at the pros and cons of getting renters insurance.

Pro: Protects Valuable Possessions

If you own anything of value, whether it’s costly art pieces, electronics, or jewelry, then it’s better to go with a renters insurance policy. And also, it is the only type of coverage that you can get on your possessions as a tenant. Your landlord’s home insurance policy only covers the building and its components, not your belongings. The same goes if there’s a fire. So, before you decide to get renters insurance, take an inventory of everything you own and see if you could afford to buy everything back if you were to lose it all. This should give you a quick idea of whether it is worth it or not.

Con: The Costs

As with any type of insurance, you’ll have to factor in the renters insurance cost. You’ll have to come to terms with the reality that you may never actually need renters insurance coverage, but still pay for it. But what you’re actually paying for is peace of mind, which is more than worth it. However, note that you can get a better renters insurance quote by looking for renters insurance online. Look for a reputable agency that will review your situation and offer you the best rental insurance policy for your needs.

Pro: Liability Protection

Another thing a lot of renters aren’t aware of are the real risks for prosecution if anything happens to someone while they’re in your apartment. That could be anyone, from acquaintances to technicians, people during a party, etc. If anyone gets hurt on your premises, you could actually get sued by the injured party. Depending on the nature of the injury, this could easily cost you a few thousand dollars. So, it would be wise to get insurance just in case.

Con: Deductibles

Just like most types of insurance, there will be a certain amount you’ll have to pay out of pocket in the case of an incident. This amount, also called the deductible, needs to be low enough to make sense to you. For instance, if all you own is a $1200 laptop and your deductible is $1000, then your policy will be of little use to you. And if you get a lower deductible, you’ll usually have to pay more on premiums. So that’s something you’ll need to be aware of.

As you can see, getting renters insurance really depends on your personal situation and whether you’re ready to pay to know that your assets will be protected. That, and knowing that you’ll be protected from any liability case should it happen.