If you’re renting an apartment and don’t own your own home does the homeowner’s insurance cover the loss of your possessions? In short, no. Many renters fail to get renters insurance because they assume that their landlord’s insurance covers their property as well. Which could explain why 95% of people have homeowners policy while only 35% of the people have renters insurance. Here’s a list of the top reasons you should definitely get renters insurance.
Top Reasons To Get Renters Insurance
$187 can be a marginal amount to pay to protect your property worth thousands of dollars. Of course, there are several factors that affect how much you have to pay, like where you live, your deductible, but it shouldn’t be more than $200 a year. Still a paltry sum compared to what your things are worth.
2. Personal Injury Liability
If a person visiting your home is injured in your home they could make you pay for the damages caused to them. If it’s something like a sprain or a minor injury that’s fine. But what if they need hospitalization? [Buying renters insurance] (www.toptenreviews.com/services/articles/top-reasons-to-purchase-renters-insurance/) can help you cover their medical costs.
3. Personal Property Cover
Your renter’s insurance can cover loss to your personal property. Computers, TV’s, Watches, Jewelry, and more. Even if you think you don’t own much your costs could escalate if you try to replace everything. Renters Insurance is vital in so many ways.
4. Pay Rent
In your damaged your home, or some unforeseen circumstance has made your home inhabitable you’ll need to stay away for a few days. Renters insurance can help you with payments/rents for your new temporary home.
5. Coverage Isn’t Just For The Home
In most scenarios when you buy renters insurance your property is safe outside of home too. It covers your property when it is stolen from your car, or due to some harm you might have caused someone out of your home as well. Get a renters policy so that your valuable items can be made secure.
6. Legal Requirement
Some landlords might require you to purchase a renters agreement. You may not be able to move into your new place without one and doing so might put you at risk of missing out on a great apartment.
7. Fire Damage
There could be numerous reasons for a fire. Whatever the cause of the fire, the damage to your things could be catastrophic. While the home may be protected by a homeowner’s insurance your things won’t be. Get a renters agreement that offers you protection against fire damage.
8. Water Damage
Leaky pipes that were not replaced, unpredictable flash floods, damage in your upstairs neighbour’s apartment and a myriad of reasons could be responsible for the water damage in your own home. How do you even plan for something like that? By buying a renters insurance policy. It’ll save you a lot of hassle as well as providing you with enough cash to replace your lost items.
Whether you choose to believe it or not, if you’re living in a rented apartment a renters insurance is a must for you. A small annual fee is a tiny price to pay for the amount of security it provides. Do you agree?