Insurance is one of those things that you hope you never need, but you need to have it. It protects you from a sudden and catastrophic expense that you can’t recover from. Even so, not all insurances are equal. If you are renting a place, chances are you have heard of renters insurance. In this video, you will learn whether you really need it or not.
Renters insurance covers your possessions within a rental property. This could include items such as furniture and clothes. If the rental property were to burn down, renters insurance would compensate you for these lost belongings. However, you would not receive anything without renters insurance. This is what happened to one of Dave Ramsey’s tenants. The house burnt down and they didn’t have renters insurance. The landlord can’t legally insure the tenants possessions. Therefore, he had to run a fundraiser for the family to help them get back on their feet.
Renters insurance is relatively cheap as well. It may only be $15-$20 a month and cover $20,000. This is a good deal when it comes to insurance. Everyone who is renting a place should have renters insurance. You never know when you will need it.