Renter’s Insurance: 4 Reasons You Need It

When you are renting a house or an apartment, you need appropriate insurance to cover your belongings. You should know that your landlord’s property insurance specifically covers the building and excludes the tenant’s possessions. However, a renter’s insurance is designed to cover tenants should anything happen to their belongings. Here are four reasons why you need renter’s insurance.

• Covers Personal Property Damage

Anything can happen to your property, and you can end up sustaining heavy losses. However, the good thing is that a renter’s insurance plan protects you against issues that can lead to property damage and unprecedented losses. This kind of policy is a proactive measure you must take instead of waiting for disaster to strike.  Renter’s insurance protects you against various perils that can damage your property such as natural disasters, fire outbreaks and explosions, damage caused by vehicles, and property loss due to civil commotion. Property losses caused by vandalism and theft are also covered by the renter’s insurance. 

• Provide Liability Coverage

Several situations can hurt you financially such as liability lawsuits that may arise from injuries that occur at your rented property. For instance, if somebody falls and gets injured, they are able to sue for compensation. However, with an appropriate policy, you will be covered against such liability. All you need to do is to seek a renters insurance quote and get the best plan that will give you peace of mind. When someone sues, the purpose of your plan is to cover the expenses that might arise from the claim. If you experience a scenario that hurts you financially, like forgetting to turn off your cooker, your policy can protect you.  

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• Covers Additional Living Expenses

Another good thing about the renter’s policy is that it gives you additional coverage for different challenges you may encounter. For instance, if your rented apartment becomes uninhabitable as a result of the covered perils, your renter’s policy may help offset these expenses. Your insurance will cover costs associated with food and living in an alternative shelter while your apartment is being repaired. It is essential to check your policy to find out its coverage limits in terms of the cap on the amount it pays and the period for which it covers other additional expenses.      

• Renter’s Insurance is Affordable

Renter’s insurance is affordable, and it is specifically meant to protect your personal property. Since your landlord’s property insurance does not cover tenant belongings, you must be proactive rather than reactive when disaster does strike. An average renter’s policy costs about $180 per year. The cost is determined by the coverage you want, your deductible, and where you live. Replacing damaged property can be costly, so it is a good idea to prevent such a scenario by getting a suitable policy.   

Renter’s insurance policy protects your belongings from unexpected damage caused by natural disasters or other perils. When you are renting a house, your landlord’s property insurance plan does not cover your possessions. Therefore, you must get a plan that protects you from unforeseen financial losses. With a renter’s insurance, you can enjoy the simple luxury of peace of mind.