Even though my friend Bud had rented his apartment for more than a decade, he never thought about the need for renters insurance. He had every other type of insurance, and he thought he was protected. Recently, his landlord made renters insurance mandatory. At first Bud grumbled about the added expense on his fixed income. Once he talked to an agent and found out how small the yearly premium would be, and all the advantages of this type of coverage, Bud was thrilled. Now he has total piece of mind. Read this informative article and find out 5 important reasons why you need renters insurance.
1. You Need Insurance Coverage in Case an Accident Causes Structural Damage
Your landlord undoubtedly has insurance that covers structural damage to their building. That coverage usually doesn’t help you though. You’ll likely be held financially responsible if you cause an accident (such as a kitchen fire, flooding caused by a bathtub running over, et cetera) that damages the rental property. Renters insurance can pay for damage done in your own apartment. It can cover damages the accident causes in your neighbor’s living space as well.
2. Renters Insurance Can Provide Temporary Housing
If you have to move out of your rental property so it can be repaired due to an accident you caused, renters insurance can come to your aid. It can provide you with the expenses you need to live in another place until you can return home.
3. You Need Renters Insurance to Protect Your Personal Belongings
Remember that fire in your kitchen? Even though it was contained to one room, the smoke resulted in damage to other areas of your home. Do you have money in your pocket to replace your damaged personal items? If you had renters insurance at the time of the incident, everything from electronics to clothing could be covered. Renters insurance can protect your personal belongings against fire, theft, vandalism, lightning, and more.
4. You Need Protection in Case A Visitor Gets Injured at Your Home
You probably don’t think about it, but household accidents happen every day. According to www.top10stop.com, between 5 and 10 million Americans are injured in their homes every year. If a visitor gets hurt while they are at your residence, you can get sued for liability. Do you own a dog? If it bites someone, you’ll be held responsible. If you have renters insurance, it can protect you against financial loss in circumstances like these.
5. Without Renters Insurance, Your Financial Future Is at Risk
The final reason why you need renters insurance is, you really can’t afford to be without it. On the average, this coverage costs between $15 and $30 a month. How much it will cost you exactly depends on the coverage you choose. You can get discounts for having safety features in your rental property such as smoke alarms, burglary alarms, fire extinguishers and dead bolt locks. There are other discounts available as well. Be sure to shop around for the best deal you can find.
