Some first time home renters may think that because their possessions aren’t worth much, they don’t need renters insurance. True, the second hand teapot from your mum and that old set of plates your grandmother found may not be worth much, but covering possessions is not all renters insurance does.

Renters insurance not only insures personal belongings from theft and wind or fire damage, it also covers the renter for liability insurance. While the landlords insurance policy will cover the actually structure, it does not cover the renter for liability. Liability coverage is an important part of homeowners insurance and one of the main reasons for investing in it. For example, if someone were to slip outside your building because some ice wasn’t properly cleared the landlord would be liable. However if someone was to slip in your home because you failed to clear up a puddle then the renter would be liable for medical bills, lost wages and damages for pain and suffering. Yes, insurance is an extra bill to pay and money may already be tight but it is important to do anyway. Accidents can happen to anyone and occur anywhere, there is no way to avoid that and the financial repercussions of them can be devastating. If you have a good plan, renters insurance can be very reasonably priced and not add much more than the cost of two movie tickets to your monthly bill. When moving out from home for the first time having renters insurance is important for your peace of mind, but also proves to your parents that you are responsible and planning ahead, which will help reassure them.

Many young adults leaving home for the first time may not see the point in insuring their belongs, assuming they do not have much value. Individually they may not, but all added together the cost of replacing everything is very high! Liability coverage is also well worth getting, medical bills can really rack up and paying them out of your own pocket can be devastating. Taking the time to look into renters insurance and getting a good deal is a very important part of the planning process when preparing to leave home.