Why Renter Insurance Is Important.
If you are renting a property, it is a good idea to have renter’s insurance in place so that you can cover your belongings. A lot of tenants assume they are covered by the landlord’s property insurance policy, which is not the case. While this covers the building itself, your personal property and some other liabilities are only going to be covered if you take out renter’s insurance. With that in mind, let’s take a look at some of the different reasons why renter’s insurance is important.
- Renter’s insurance covers losses to personal property – There is only one place to begin, and this is with the fact that renter’s insurance will protect against losses to your electronics, furniture, computers, luggage, jewellery, and clothes. Even if you do not have a lot of belongings, things can add up a lot quicker than you may expect, and you would find yourself with a massive bill if you need to pay everything. Some of the things that insurance protects against include damage from water, hail or windstorm, volcanic eruption, vandalism, theft, smoke, civil commotion, fire, lightning, falling objects, explosion, damage caused by vehicles, and also damage caused by aircraft.
- Additional living expenses may be covered – If your property is not habitable anymore because of one of the perils covered and mentioned above, additional living expenses may be covered in your renter’s insurance policy. This includes costs that are associated with living somewhere else, food, and such. Make sure you check your insurance plan to discover whether this is covered, and if so, how long your additional living expenses are going to be covered. There may be a payment cap as well, so check this out.
- Your belongings will be covered while you travel – Another benefit of renter’s insurance is that your personal belongings will always be covered. This means that they are not only covered while in your home but they are also covered while you travel or while you are in your car. This means your possessions are covered from any losses because of theft or any other circumstances that arise while you are not at home.
- You will benefit from liability coverage as well – The final reason why you should consider renter’s insurance is that it provides liability coverage. Liability coverage is also incorporated in a basic renter’s insurance plan. This means that if you accidentally injure someone or someone is injured while on your property, you will be covered should this person decide to make a claim and try and take you to court.
So there you have it: some of the different benefits that are associated with renter’s insurance. If you are a tenant or you’re currently looking for a place to rent, make sure you leave enough space in your budget for this. Depending on how much coverage you need, renter’s insurance is not very expensive. Of course, factors like where you live and the amount of your deductible will come into play when it comes to the cost.