Get Renters Insurance and Relax
5 Reasons Why You Should Get Renter’s Insurance
Many renters —approximately 60%— don’t choose to purchase renter’s insurance, mainly since it’s not mandatory by the state, which is why it is one of the most under-utilized insurance products in the market. However, there are high risks associated with renting a property, and if those risks materialized while you have no renter’s coverage, you could put yourself between a rock and a hard spot.
Thinking your belongings are covered under your landlord’s insurance is a common misconception, but it’s one of the main reasons why renters ignore the need for renter’s insurance.
Renter’s Insurance Benefits
Here are some of the reasons why getting renter’s insurance is a great decision:
Protects Personal Possessions
Even if your landlord has the property insured, your belongings are not part of the deal. Renter’s insurance will protect your possessions, including jewelry, clothes, electronics, and furniture, against theft, explosion, fire, lightning, smoke, and other disasters.
Includes Liability Coverage
The standard renter’s insurance policy will include liability coverage, which will protect you in case of non-fault medical injuries if someone gets hurt on your property and files a lawsuit. It will also protect you against lawsuits for property damage or bodily injury caused by family members or yourself.
In the U.S., the average cost of renter’s insurance is $187. Of course, this will vary depending on your state. Other factors, like the type of coverage you select and how much coverage you need, will also affect the overall cost. The cost of your renter’s insurance policy usually spreads over 12 months, which makes it an ever more manageable investment that could save you a lot of money down the road.
Provides Coverage for Additional Living Expenses
If your property becomes uninhabitable due to one of the perils covered by the policy, you may be a candidate to receive “additional living expenses,” which include hotel bills, restaurant meals, and other daily expenses.
Protects Your Belongings When You Travel
In addition to protecting your belongings when they’re at home, your renter’s insurance policy will also cover them if they’re with you when you travel to anywhere in the world, while in your car or any other location.
Renter’s insurance is a complete insurance product that is sometimes neglected by renters. Talk to your agent to learn more about how this policy works.