Why Every Tenant Needs To Have Renter’s Insurance
Renter’s insurance is something that is often overlooked by tenants. Oftentimes, people just assume that the owner of the property’s insurance will cover their belongings and liability, but this is typically not the case. Without renter’s insurance, the tenant’s possessions are at risk and they will be held responsible for any injuries that may occur in their home. Regardless of whether a person is renting an apartment, house, condominium or mobile home, they must take the time to really evaluate the value of their possessions and purchase an insurance policy that fits their needs.
An inventory of all valuable possessions in the home and estimates of their value should first be taken. This may include furniture, clothing, televisions, computers, musical instruments or jewelry. If possible, make note of the date of purchase, its price and take photographs of the items. Photographs are especially important for particularly valuable items. Once a list of all possessions and an estimate of their value has been made, it will be much easier for an individual to find an appropriate policy.
What Renter’s Insurance Covers
Although each policy comes with its own unique benefits, there are some common items that most policies will cover. Possessions that are lost due to theft, fire, vandalism, smoke damage or water damage are typically covered. Some policies offer more extensive coverages that include other natural disasters or unforeseen circumstances. So, start the process today for choosingrenters insurance quotes.
In addition to loss of possessions, a renter’s insurance policy also includes personal liability. This covers any injuries that a guest may suffer while visiting the tenant’s home and medical expenses associated with the injury. In some cases, the tenant’s legal defense may also be paid for through the policy.
Advantages of Having Renter’s Insurance
To put it simply, without renter’s insurance, a person puts their valuables and livelihood at risk. If a pipe bursts in their apartment, their landlord will likely pay for the repairs. However, any personal property that was lost or damaged will not be covered by their landlord’s insurance. In other words, the tenant would be out luck. None of their possessions would be replaced unless, of course, they replaced the items themselves. It can be a devastating experience for someone who was unaware of the risks associated with not having coverage.
Purchasing a renter’s insurance policy will allow the renter to sleep well at night. They can rest assured that their valuables are covered if a disaster should occur or their home is burglarized. It is always better to be safe than sorry.
In addition, a person without coverage will be held liable for injuries that may take place inside of the home. If the guest decides to sue, the tenant will be responsible for their own legal fees and also for any medical expenses the guest may acquire. This could, potentially, bankrupt the renter if the injury required serious medical attention.
While the cost of a renter’s insurance policy differs with location and provider, most tend to be highly affordable. Find the cheap renters insurance for you. So much so that it really is difficult for a renter to find an excuse not to purchase a policy. Not only will it provide them with peace of mind, but it will also provide them with protection for the most valuable things in their life.