We have all heard about homeowner’s insurance and if we are living in a rented accommodation, we believe that the homeowner’s insurance will provide us sufficient cover. However, homeowner’s insurance does not provide sufficient cover for the tenant. The tenant needs to buy renter’s insurance that will provide him sufficient cover in case of an eventuality.
In a recent case in Chattanooga, Tennessee, a fire destroyed homes of three families and damaged another three. The fury of the fire destroyed everything that the families had worked for. One of the occupants fortunately had a renter’s insurance cover and he is counting his blessings as the insurer is helping him rebuild his home. His insurance cost him $35 a month, which is negligible compared to the loss he suffered.
Hence for renters, it may be a good idea to insure their homes and possessions through renter’s insurance.