Why do I need renters insurance?

For example, while car insurance protects the car itself, along with items that are attached to the car such as your car stereo, this insurance will protect your personal belongings that you leave in the car.

You can cover your personal belongings, and you can start as low as $10,000 of coverage. The cost is cheap, often costing less than $200.00 per year. But there's more to it when figuring out the overall cost.

I wrote an application last week, and the client paid $212.00 for the year for a $50,000 policy. But he also had auto insurance with me, which allowed me to apply the multi policy discount to his auto insurance.

His auto insurance rate was reduced by $156.00 for the year, making the overall cost of the policy only $56.00. For basically the same cost as dinner, he now had peace of mind for a year.

But there's more. This policy offers similar coverages as a homeowners policy. Medical coverage and liability coverage are also included. If you or someone else gets hurt on your property, you're covered up to the limits on the policy.

Some landlords will require that you have a policy before you move in, to protect their own interests. There are many reasons to get a policy. In the end, only you can decide if it's right for you.