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Do You Need Renters Insurance When Moving in with Your Partner?

When your basement floods or a valuable personal item gets damaged, you may be at a loss for what to do. But if you have renters insurance, as Sarah from Virginia did, you can rest assured that your valuable belongings will be insured should they become lost or damaged.

“When I moved in with my husband, I quickly did all the ‘adulting’ things like going with paperless billing and auto-payments,” said Sarah. “I also set us up with renters insurance that included a little rider [an add-on to an insurance policy] for my diamond ring — literally the only thing of value I had.”

Expensive jewelry is one popular category renters insurance covers, but most plans also protect your electronics, furniture, and other personal possessions. You can also add items to your policy over time — ideal if you get engaged to your partner or invest in some high-end furnishings. Your insurance will replace these items if they’re stolen or damaged, like what happened when Sarah’s apartment flooded.

“Thanks to my fabulous renters insurance, we have gotten an entire basement’s worth of furniture reimbursed after the rain came cascading in through the windows — not opened windows, literally through the seams — as well as replacement money for my diamond that fell out of my ring.”

That’s not all! Many plans also cover personal liability costs, guest medical expenses, and even living expenses in the case that your home becomes uninhabitable. Plus, policies are significantly cheaper than homeowners insurance. Policygenuis puts the average cost of renters insurance at just $15 per month. Instead of asking whether you can afford to get it, you should be asking whether you can afford not to.

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