The Benefits of Renter’s Insurance

There are many benefits to invest in renters insurance. One of the most common mistakes that tenants make is assuming that the landlord’s insurance will cover their belongings in the event of loss or damage. In addition, tenants may think that renters insurance is too expensive. However, the common myths associated with renters insurance that keep tenants from purchasing it can end up costing much more in the long run.

It is imperative to always read the fine print in your lease. You may assume that your landlord is liable for damages caused by leaky roofs or broken appliances, but there could be a clause in your lease that negates landlord liability, such as for theft, or injuries to a guest visiting your apartment. Also, your lease may require you to obtain renters insurance, especially if you live in an expensive apartment.

Guest Injuries

If a guest slips and falls, trips, or has any other accident in your home, you may be liable for injuries and medical bills should your guest pursue you for damage because of your negligence. It is simple to assume that guests are safe in your house, but if they happen to injure themselves falling down on a loose step, or a heavy painting falls and hits them in the head, the medical costs can get quite expensive. If your pet bites a guest you may also face some pricey medical bills.

Issue with Theft

In the event that your home gets burglarized, your landlord will not be responsible for anything stolen, assuming that your landlord is not legally responsible for the break-in. For example, some states require landlords to provide minimum-security measures, and should a break-in occur because the security was not properly provided, your landlord may hold some liability. However, if your landlord is not responsible, the chances of recovering your valuables are typically slim, but renters insurance will protect your stolen property as long as it is listed on your policy and you meet the coverage limits.

Natural Disasters

If your rental home and property is damaged because of a natural disaster, such as wildfire, hail, or tornado, the landlord may or may not repair the home damages, but your personal property usually isn’t covered. Renters’ insurance will protect you in the event that a natural disaster occurs, but keep in mind that a few natural disaster coverage options are considered “riders,” which means they are add-on coverage, such as earthquakes or floods.

If you are unsure about what renters policy to invest in, make sure to contact us. We can answer any questions or concerns that you might have. Being aware of your insurance policy can help protect you, your family, and your belongings from any unforeseen damage that may occur. Make sure to contact us with any questions you may have.

What is Renter’s Insurance

Investing in renter’s insurance is something you should consider. Many tenants assume that they do not need it because they think they are covered by their landlord’s insurance. But this is not the case. The landlord’s insurance will cover only what they own. Anything inside the building is your responsibility. Having renter’s insurance can cover the value of your belongings and offer enough coverage in case of an emergency. This can include fire, theft, vandalism, malfunctions, or weather related damage.

Make sure to know how much coverage to buy. For some people, a few thousand will be enough, while for others $100,000 won’t be sufficient.  You should have at least a rough idea as to how much your possessions are worth and be guided by that estimate. Typically, coverage equal to at least $25,000 to $50,000 will be enough.  But if you have certain items that are worth a substantial amount of money, such as jewelry or antiques, you should consider getting additional coverage for those items. Make sure you discuss any special valuables you own when pricing out policies.

Most renter’s insurance policies can offer liability coverage. Customers may also choose how much liability coverage they need, depending on their budget and the amount of protection they feel most comfortable with.  Liability coverage will help protect a renter if they are sued due to an accident that happened in or on the property they live. No matter what questions you may have, make sure to contact us so we can answer your insurance needs.