Three Reasons Never to Rent without Renters Insurance
If you live in a rental property, and you don’t have renters insurance, you should consider buying a policy today. Renters insurance is an important part of being a responsible renter, just as important as signing a lease or taking care of your home.
The process of obtaining a renters insurance policy is quite simple. You could bundle it with your auto insurance, or shop online to get the best rate from a completely different company. Either way, the process is usually quick and painless, and while you hope that you never actually have to use it, just having it will offer great peace of mind. Here are three reasons why you should never rent without renters insurance:
Your Landlord Won’t Cover Damages
Many people live under the misconception that if something is damaged in their home, their landlord will help pay for it, but the majority of leases do not cover that. For example, if there is a fire in your apartment, and you lose everything, your landlord will not pay to replace your belongings, even if the fire is not your fault. The same goes for many other kinds of emergencies that could befall a renter. For this reason, it’s vital to have renters insurance. An insurance policy can go a long way toward helping rebuild after tragedy strikes. Not only do renters insurance policies cover the cost of lost or damaged items, loss of use coverage can cover additional living expenses you incur as a result of the incident.
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Rental insurance policies are extremely affordable, even if you live in an expensive location. The amount of coverage that you get is completely up to you. Most rental insurance fees will run you anywhere from $10-$20 a month, depending on the amount of coverage you want and the deductible you choose. So, basically for the cost of about one pizza a month, your valuables will be protected in the case of an unforeseen emergency.
It Offers Legal Protection
Depending on the type of policy you get, renters insurance can even offer legal protection if someone slips and falls in your apartment and takes legal action, or if your child causes damage to the home. These are the details to look for when choosing your policy and deciding how much coverage you need. Some policies will even pay for theft if you are traveling. The bottom line is this: If you feel like you need more coverage, take your time as you shop around and ask a lot of questions
Ultimately, when it comes to renters insurance, you can’t afford not to get it. For just a few dollars a month, you can rest easy knowing that if the unthinkable happens, you are protected.
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