Renters should have insurance

As more people opt to relocate into rental properties rather than move into a home of their own, insurance is often forgotten about, according to DailyFinance. Although many homeowners understand the importance of having a suitable home insurance policy, some renters don't realize the benefit of coverage for their housing units.

"Some think that because the landlord has an umbrella policy, they don't need additional coverage," Susan Voss, president of the National Association of Insurance Commissioners, told the media outlet.

Renters insurance will protect against the damage or loss of personal property, according to TheMoneyAlert.com. If a person can afford to replace all of their belongings in the event of a robbery, then they may not need to worry about buying a policy. However, for many renters out there, replacing everything could be an unbearable financial burden, which could be alleviated by this type of coverage, the news source reports.

Renters insurance policies vary in coverage and cost.There are policies that cost as little as $125 a year, which cover up to $25,000 of contents and $300,000 in liability protection, according to DailyFinance. Insurers estimate that the average person has $20,000 in possessions.

So before calling a moving company, it may be beneficial to call an insurance agent. 

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