Renter’s insurance isn’t expensive – it’s only about $187 a year. That’s really inexpensive when you think about a big loss and how much you would lose. Still, only about 37 percent of renters have renters insurance!
Do you rent an apartment or own a rental property? If so, you should consider getting renters insurance. But really, do you need renters insurance? You may be slapped with surprising bills and later regrets. Here’s why you need renters insurance.
1. Damaged Personal Belongings
A renter’s insurance policy protects you against personal property losses for items such as computers, clothes, furniture, electronics, and jewelry. It doesn’t take much for these items to add up if you had to replace everything.
Renter’s policies will protect you from a lot of disasters like:
- Damage caused by vehicles and aircraft
- Weight of snow or ice
- Water damage from sprinklers, appliances, plumbing, heating, or air conditioning
However, you will need to get a separate policy for earthquakes and floods. These perils are not covered in a standard policy.
You should explore your options for renters insurance. Check out quotes for renters insurance at https://www.kickerinsuresme.com/.
2. Loss of a Habitable Home
If you have an extensive loss and can’t stay at your rental, where will you go? Your landlord will handle repairs, but he or she is not required to give you a place to stay. The landlord may only have to prorate your rent when you can’t live there.
Renter’s insurance will pay for your daily rent for temporary housing. You can stay at a hotel until your home is ready. These places would cost more than you normally pay daily for rent.
3. Stolen Possessions
Renters insurance typically covers theft and burglary. It also covers belongings stolen at other places than your home like if your laptop was stolen from a coffee shop or your purse was stolen from your car.
4. Personal Liability
Having personal liability is probably the most essential protection renters insurance covers. If your dog bites a person at the park or someone falls on your property, you may be responsible for damages.
The renter’s insurance also covers hiring an attorney to help defend you if you are sued. You could even be found liable if your tub overflows into the neighbor’s apartment or your dinner catches on fire. Damages from these events can add up to thousands of dollars.
If you don’t have renters insurance, you could take a huge financial loss or have to file bankruptcy. Be sure you know your limits and understand your coverage.
5. Your Landlord Requires It
You could be breaching a contract if you don’t have renters insurance. Several lease agreements have a clause that states the tenant must purchase renters insurance. This clause says that the landlord is not responsible for your personal property.
Your landlord’s insurance policy only covers the grounds and structure. You may need to show proof that you have insurance before you can rent a property.
So, Do You Need Renters Insurance?
Yes, and now you know why. Insurance can save you from financial disaster. You should also know your state’s car insurance laws and if you live in a strict state. Check out other consumer resource articles today to find the best local businesses like insurance agencies to help you answer questions like do you need renters insurance.