Yes, people who own homes need homeowner’s insurance, and Consumer Reports says, yes, people who rent their homes need insurance too.
Amani Elsawah was glad she had renters insurance. When the deep freeze hit Texas in February, Elsawah was one of millions of people who lost power and suffered water damage when her frozen pipes burst.
“I was so shocked because it was literally raining in my apartment,” she said. “It was gushing out so much that it started flooding almost immediately.”
The damage was so bad, Elsawah was forced out of her home.
“I had to leave my apartment and find somewhere dry and safe to go,” she explained.
Since then, Elsawah has been living in a hotel, and the bills are adding up.
Fortunately, she has renters insurance, which will pay some of her living expenses and help cover much of what she lost.
Her policy costs about $20 a month -- money well spent according to Consumer Reports.