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Why Renter Insurance is Important

admin • Apr 15, 2022

If you are a renter, you cannot always prevent some circumstances, such as a break-in, theft, or a guest’s injury. Protecting your personal belongings with a renters insurance policy is a worthy undertaking. Renters insurance is a fairly comprehensive insurance program that you can customize to protect all of your things. A renters insurance policy is a group of coverages designed to help protect renters living in a house or apartment. A typical renters insurance policy includes three types of coverage, namely:

PERSONAL PROPERTY

Personal property coverage, a standard component of renters insurance, involves the cost to repair or replace your belongings, such as clothing, furniture, and electronics, up to the limits in your policy. If your renters insurance policy includes personal property coverage, it may help pay to replace your stolen items. This insurance policy covers items stolen after theft at your rental apartment or items stolen outside of house. When purchasing a renters insurance policy, you may have a few different choices when it comes to selecting personal property coverage. Here are a few things to keep in mind: 

  • You will want to set coverage limits that are suitable for your situation. Making an inventory of all the belongings you keep in your residence may assist you in knowing the value of your stuff, helping you decide on the best personal property coverage.
  • You may also have to decide what kind of personal property coverage to purchase. A policy that provides actual cash value protection typically covers belongings up to their current market value (taking depreciation into account). A policy that includes replacement cost coverage may help you pay to replace your items at today’s retail prices after a covered loss.

LIABILITY

Caters for   repairs if you inadvertently damage someone’s property or a visitor’s medical bills if you are responsible for their injuries. 

ADDITIONAL LIVING EXPENSES  

If you are renting a house or apartment, you typically have a place to call home until your lease expires. But what if your rented home is damaged by fire, for instance, and you are unable to live in it? That’s where renters insurance may help cater for incurred costs, like hotel bills, if your rented residence is damaged and left uninhabitable.

Do I Need Renters Insurance?

Can you manage to replace all your belongings if your rented house caught fire? If your answer is no, you require renters insurance. Renter’s insurance coverage cannot stop unpleasant things from happening. However, it can make life easier when awful things occur. Here are some reasons why you need renters insurance.

  • Landlord’s insurance does not cover you: Many landlords require the tenants to acquire renters insurance. However, if yours does not demand one, it does not mean you are covered. Landlord insurance coverage caters to the building structure but not the tenant’s stuff.
  • Your belongings are worth more than you probably think:  One reason why most people fail to acquire renter’s insurance is the thought that they have nothing valuable to protect. However, you might be surprised if opened each closet and drawer in your house and took an inventory of all your belongings— you will probably discover that you are worth more than you thought.
  • Can you pay for your   housing after adversity:  Most renters insurance policies offer loss of use benefits, which caters for housing expenses if you have to stay in a hotel due to a major issue such as extensive water damage or fire. Moreover, it can pay for meals and other expenses resulting from living away from your home while it is getting repaired.
  • Covers your stuff away from home:  Many renters insurance policies provide some coverage for your stuff even when it is not at home. If, for instance, your laptop or phone is stolen on the subway, the policy can cover you.

What happens if you don’t have renters insurance ?

If you are lucky, nothing happens — you will save around 15 dollars per month. However, minus renters insurance, you will financially be on the hook if bad things occur. 

 

 

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