Insurance policy for renters is something that every tenant should have. A lot of tenants make the mistake of thinking because they are renting, they do not need insurance. Renters often think that their landlords’ homeowners have them covered. This is a misconception.
The sad part is that many tenants do not find out too late that they should have had an insurance policy for renters to protect their personal items. If you are renting the best thing you can do to protect your property is to secure insurance for renters before something happens.
The Misconceptions About Renters Insurance
The number one misconception about renter’s insurance is that it is cost prohibitive. The realty is an insurance policy for renters can be extremely affordable. Insurance companies offer great rates on renters’ policies that are highly affordable for most any budget.
Another common misconception is that you do not have stuff worth insuring. Your furniture, your electronics, your personal effects can all be covered under a policy. Additionally, any damage to the property that is caused by your stuff can also be covered. Learn more about coverage below.
A lot of people believe that their landlord has them covered. The fact is your landlord’s policy whether it is a property management company or an individual owner, their policy is not your policy!
You need coverage that is meant to cover your interest in an apartment or in a single-family home rental. It can be affordable and provide you with the protection that you deserve.
What Does Renters Insurance Cover?
Renters insurance covers all your property inside the rental. When you consider the cost of replacing furnishings, electronics and your personal goods, it makes sense to have protection. Whether you live minimally or not your things are your things and you should be able to replace them if something happens.
You are also covered against any liability. Let’s say it is Saturday night and you have a few friends over and a friend of a friend slips and falls on your favorite area rug. They can sue you for their injuries. If you do not have insurance, they can make you personally liable for the costs of medical care and even punitive damages. If you have insurance the insurance company picks up the tab!
If there is a fire, a break in or vandalism your renter’s insurance will cover the cost of the damages. There can also be coverage in case your displaced because of damage to the rental from fire, flood or storm damage that makes it inhabitable.
The bottom line is if you rent you need insurance. It will deliver peace of mind and keep you and your stuff protected!