A renters insurance policy protects renters in a house or an apartment. Statistics from the Insurance Information Institute show that over 44% of Americans have renters insurance because they believe in its credibility to protect their properties. About 50% don’t have it because they think it’s expensive, and the percentage varies from state to state.
Many renters believe their landlord’s insurance policy or their roommate’s will cover them. This assumption is false, as the repair for some damages covered in homeowners insurance doesn’t extend to renters. Renters insurance can help you replace or repair your property after loss or damage due to an accident. Without it, you’ll need to pay for repairs from your pocket.
Depending on where you live and the extent of the damages, some damages are too expensive to cover without insurance. Your landlord may have his insurance. If he doesn’t, Assurance can help you find a home insurance policy. Without these policies, repairing your property after an accident may affect your savings.
Reasons Why You Should Have a Renters Insurance Policy
If you’ve just got an apartment, getting renters insurance helps you protect your stuff. You may have been encouraged by others but still think it’s pointless. Here are some of the reasons 44% of American renters have renters insurance:
Personal liability coverage
You may be liable for the bodily injury of another person. For instance, if a guest falls and sustains injuries in your apartment, you may have to foot the bills. Your renter’s policy will help with every expense related to the accident.
Coverage will save you the cost that the damages could involve, especially if the injury is critical. The policy is especially essential if you live in an environment where guests are vulnerable to accidents.
Personal belongings coverage
Just as homeowner insurance, personal belongings coverage foots the bills of an accident that affects your personal belongings. Regardless of your presence or absence on the property, if your files are burnt in a fire or your furniture, gadgets, and other home properties are stolen, they’ll be replaced. If these get damaged, they’ll also be replaced with no costs from your pocket.
Some insurance policies may even give you cash value for your damaged property. These could be your designer bags, smartphone, gadgets like laptops, and even costly clothes. Anything that could affect your savings can be fixed with the insurance.
The renters insurance covers the cost of items destroyed by fire from your kitchen. While you must take precautions, your insurance company will foot the bills when there’s a fire outbreak.
Additional living expenses outside your home
If you can’t stay in your home because of any of the above accidents, the renters insurance will provide coverage for a place to stay. They’ll also pay for your feeding and other related expenses.
You may cause unintentional damage to the apartment complex or the unit where you stay. This could result from a fire outbreak in your kitchen or accidental deterioration of your apartment’s tap. The policy covers anything that affects the apartment. By this, you can claim for your policy to repair the things that have been destroyed unintentionally by your actions in the apartment.
To keep the apartment
Some landlords require that you purchase renters insurance to keep your room or apartment. If you can afford the rent, they believe you must have insurance to prove you’re responsible. So, if you’d like to possess an apartment, renters insurance may be compulsory for you, especially if you live in a highly vulnerable environment.
With all we’ve discussed, having renters insurance will protect you from any hazard that could arise from living in a vulnerable environment. It safeguards your personal property, helps you afford a reasonable living without taking out your savings after significant damage, and many other things. All these also keep your co-tenants safer.