Is renters insurance even a necessity anymore? There are all kinds of possibilities in the world and choosing not to carry renters insurance is kind of like gambling with your financial future. After all, if you are not covered the chances of recouping any of your losses are very slim.

Your landlord carries insurance on the building you live in. Whether you are in a single family home, a duplex, or a high rise apartment building your landlord makes sure that the building is covered in the event that there is a weather anomaly or a fire. Any kind of destruction that the property suffers is covered under your landlord’s insurance.

Renters insurance does not cover flood waters, and you need to buy a government backed flood insurance policy if there is a risk of flooding in your area. You can not expect to file under your landlord’s policies, even in the event of a flood. This is vital to know, as the value of your personal property can exceed tens of thousands of dollars and you may very well find that the financial burden of replacing it all to be extreme.

Many people mistakenly believe that they will be able to file a claim under their landlord’s insurance if there is a fire from faulty wiring, hurt from a natural event, or even hurt caused by an outraged citizen. They believe this because it’s no necessarily untrue, but it is also not necessarily right, either.

Confused? There are certain loopholes that would allow you to claim hurts under your landlord’s policy. For instance, if your landlord torched his or her own building and this was proven in a court of law you would have a legitimate claim. The years that it will take to build a case, take it to trial, receive a finding, and file a civil suit would be long and arduous. You are better off filing a claim with renters insurance and then filing a civil suit if it turns out the landlord is directly responsible for any losses.

Can you afford to be without renters insurance? Most of us can’t and yet so many of us take the risk because we know that this is the one insurance policy that is not as likely to see a claim as other insurance policies. So what? If you don’t carry a excellent policy you may very well find that you will not be able to replace even the simple items that bring your comfort and joy.

If you make any type of income from your home, it is absolutely imperative that you carry an adequate insurance policy. You would need the immediate replacement of the equipment and space you need in order to earn that income. The risks of refusing to carry a policy are fantastic and unnecessary, especially considering that many policies run less than $30 per month.

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