If you are renting a property, it is very important that you have renters insurance. This type of insurance can be very affordable and can be renewed annually so that if your circumstances change, you can cancel it at anytime. Many people who rent don't understand all the reasons why they need renters insurance. Here are a couple reasons that you should have renters insurance.
1. It Can Help To Cover Living Expenses
Let's assume that there is a problem with the property that you are renting. These problems could include a flood, natural disaster, mold, or any other problem that renders the home uninhabitable. During this time you could potentially be homeless. If you need to relocate for a period of time while the house is cleaned and repaired, you could get help through your renters insurance policy.
Many people file claims each year when they have a problem with relocation costs. This way you are not paying rent at your home that is uninhabitable and still being responsible for paying for another temporary residence as well.
2. It Will Insure Your Personal Belongings
When you rent a property the landlord is responsible for covering the actual property. If there were a fire, flood, or natural disaster, their insurance policy would cover the damage. However, it will not cover any of your personal property or belongings.
For example, if there is a fire in the home and everything in the home was destroyed, your landlord would be able to recoup their costs of the home with their insurance company. But anything that was inside the house such as electronics, musical instruments, furniture or anything else would be lost, unless you bought a separate renters insurance policy that insured all of your personal property.
3. It Will Help To Protect You Against Accident Liability
If there were to be an accident on the property and someone was injured, you may be held personally responsible, even if you are only renting. For example, say the driveway was iced over and someone slipped and fell on your property. They could potentially sue you. This is because shoveling the driveway was your responsibility. If you have a renter's insurance policy, it can help with the expenses if you are sued for the accident. This is another good reason to have renters insurance.
These are just three reasons that you should get renters insurance if you are renting a property. Talk to a company like Advanced Auto Insurance to learn about other benefits.
Share28 January 2015
Having lost everything in a fire while living in my very first apartment, I learned the hard way just how important renter's insurance was. I did not have any renter's insurance and had no idea that it was something that I needed to have. I had counted on the owner's insurance to cover the cost of replacing my belongings if something like that would happen. Boy, was I wrong. The apartment I moved into next was owned by a much more helpful man. He actually helped me find the insurance company to open a renter's policy with. Now, I have the insurance I need and feel confident that if a disaster like that should strike again, I will have the coverage I need to replace my things.