It is almost August 1st, and for many renters out there, that means the end of yet another lease. Whether you’re going to re-sign or move somewhere else, a new lease marks a new beginning. And new beginnings should start out right, right? Which might just mean signing up for Renter’s Insurance.
Luckily, you don’t have to look far for a great policy, because Mango has just released RentSafe. Just like with the Mango Card, there are no credit checks required with this renter’s insurance, so anyone with an active Mango account qualifies, there is no long-term commitment, and it is affordable! Click here to calculate your monthly rate with RentSafe.
But before you jump in and sign up for this great deal, it is important to know why you should get renters’ insurance in the first place…
1) If you landlord doesn’t have any. In some states it is law that a homeowner has insurance, but that doesn’t always mean he/she will. If this is the case, if there is ever a fire, break-in, or vandalism, your possessions will not be covered!
2) In case of natural disaster. Most renters’ insurance policies do not cover natural disasters, or as they’re referred to in insurance speak “Acts of God.” But depending on how valuable your possessions are, where you live in relation to common natural disasters, and how careful you want to be, you might want to look into it. If you are willing to pay a bit more, you can get coverage for these unforeseen disasters.
And here’s a fun fact: Depending on where in the country you live, you can mix and match what types of natural disasters your plan covers. For example, in California, you might want to be protected against earthquakes, whereas in Kansas, you might do better with tornado coverage.
3) It can cover accidents within your home. It seems like most people have that one, accident-prone friend, who is always stumbling over something or another. If your clumsy friend happens to fall down the stairs and hurt himself, though, your landlord’s insurance won’t cover this (that is, if your landlord even has insurance!) Basic renter’s insurance doesn’t cover in-house accidents either, but if you are really worried about this, you can get a personal liability rider for these types of accidents.
4) It is affordable. Most basic renters’ insurance policies are pretty affordable, running from anywhere from $10-$40/month in most cases. The amount you pay will depend on the amount you are covering and your deductible. Renters’ insurance is also affordable if you keep mind how much it would cost you to replace your belongings from loss or damage due to theft, fire or vandalism.
Do you have renters insurance? Comment below and tell us why, why not, and how it’s working out for you!
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