Renter’s insurance protects your place and belonging from loss, damage, or destruction. What is more, renter’s insurance also protects your liability, whether someone is injured in your house while living there, renter’s insurance covers you from all these facts. Getting a renter’s insurance is a great idea since it anticipates the cost of any damage in your place. Sometimes, we do not take this into account, thinking nothing unexpected or bad will happen, but it is always better to prevent any hazards that can cost you a lot of money.
What would happen if a flood ruined your expensive furniture? What if a burglar steals your electronic devices – TV, laptops, smartphones, and game consoles? Or what if one of your kid’s friends gets injured at your place? You would be dealing with an unexpected expense that would take away all your savings. And that if you have the money to cover those expenses. But what if you don’t? You could be facing debts piling up and ruining your comfortable lifestyle. But none of those are worries for those with renter’s coverage. That’s why, in this article, experts from Loan Cheetah show you seven benefits renter’s insurance provides:
1. It is an affordable way to cover your place: in comparison to what you can lose in case an unexpected situation arises, having a renter’s insurance is cheap. The average price for renter’s insurance in the U.S. is $15 per month – relatively affordable. That’s what you paid for movie tickets last weekend. But instead of providing entertainment, you are buying peace of mind. Renter’s insurance covers the price of your belongings, medical bills in case of an accident, and lawyer and other costs if you get sued.
2. Renter’s insurance protects your stuff: If something comes up, such as burglary, damage, or destruction, all your belongings will be covered by the insurance. Most people don’t realize how much some of their stuff may cost until, out of the blue, they need to replace them. With insurance, you’ll purchase what you lost or what was damaged in no time. However, if you choose limited coverage for your renter’s insurance, the most expensive stuff may not be covered, like jewelry, cameras, and fine art, that is why it is important to check your renter’s insurance coverage limits before getting one.
3. Coverage in and out of your home: that’s right, your belongings are covered if something happens to them outside your house. Let’s say, for example, you left your laptop at the office, and it got stolen; renter’s insurance covers the cost of replacing it too.
4. It provides liability coverage: Any injury that takes place in your home will have medical insurance because of renter’s insurance, even if we are talking about the pizza person, if something happens to someone in your place, then you do not have to worry about being sued, since you have insurance. Liability coverage protects you by covering the legal fees in case you need a lawyer to protect you, this is in case someone wants to press charges against you because of what happened in your place.
5. Coverage for additional living expenses: If there is any damage at your place and major repairs are in order, you will have to move out for a few days or weeks. Spending the money you saved for a luxury getaway in a hotel room is not the vacation you had in mind. But what happens if you can’t afford that extra expense? No need to pay an unexpected visit to your parents’ or in-laws’ couch; renter’s insurance covers those additional expenses too. The renter’s insurance provides relocation coverage for those days you need to live in a hotel or another apartment. For instance, if your rent is $800, the renter’s insurance will cover the additional living expenses beyond $800.
6. An emergency won’t take you off guard: When asked about why not getting renter’s insurance, many people say things like: “I don’t live in a tsunami area so getting insurance makes no sense to me.” Or “I live in one of the safest neighborhoods in town; burglaries don’t occur around here.” And they are probably right about that. But are they considering all the unexpected hazards that could happen? Perhaps, you don’t live in a tsunami area, but accidents still happen. Imagine you leave the water running in your bathroom and accidentally provoke a flood. The floors are damaged, and some furniture got ruined. That is the kind of emergency renter’s insurance was made for, the ones you can’t foresee.
7. Landlord’s insurance does not cover you: Landlord’s insurance only covers required repairs in the apartment if needed, but does not cover you and your belongings as renter’s insurance does. This is pretty much everyone looking after themselves. Landlords protect their assets, and you should consider doing the same with yours.
Even though renter’s insurance is not mandatory by law, landlords and property management companies have the right to ask you to have renter’s insurance before you sign your lease. Some policies cover a huge range of property damage, this may vary according to the company, but most of them include theft, weather-related damage, and even fire damage. Still, there are many things that most renter’s insurance does not cover, because they are the result of natural disasters, such as earthquakes and floods.
Renter’s insurance provides plenty of benefits respecting your home and belongings secure, it is like installing a surveillance system “just in case”, with a rester’s insurance happens the same, but the difference is that you can take advantage if something occurs, that means you can have your money back, not worrying about expensive repairs and the extra expenses they involve. Another point to consider is that it is actually affordable, paying between $13 and $16 per month to have the security that your stuff and your home are well protected. So, if you were wondering whether a renter’s insurance is useful or not, then considering all the things above, it really is.