Even if your landlord does not require that you get a renters insurance, it is still advisable that you get one. Renters Insurance helps to protect you against damages to or loss of your property or belongings. Unexpected circumstances happen all the time, and that is the purpose of insurance; to protect you against unexpected damages.
GreenSprout is a financial blog committed to helping you make the best financial moves for your future by providing expert insight to guide you in making better financial decisions, and a representative of the GreenSprout team has outlined below everything you need to know about why you really do need renters insurance.
Why Do You Need Renters Insurance?
Renters Insurance is not always required or necessary unless your landlord requires it. However, the Insurance is not for your landlord’s protection but yours. Thus, it is advisable for anyone renting an apartment to acquire renters insurance.
It is handy to protect you against devastating financial circumstances, but this doesn’t mean it is for low-income earners only. Well-to-do tenants should also acquire renters insurance to cover the cost of damaging and unexpected circumstances.
Renters Insurance also has special coverage add-ons that would otherwise be expensive to recover without renters insurance. It can add enforcement and floaters to help with the coverage of personal property such as; electronics, jewelry, special collections, and protection against earthquakes.
Also, your coverage travels with you. This means that you can rest assured that your personal property and personal liability will be covered even when you are outside of your residence. Thefts are also covered under the renters insurance.
Renters Insurance also protects you for short-term rentals, such as vacation homes. Renters’ insurance gives an extra advantage in case something happens to your property.
What Does and Doesn’t The Renters Insurance Cover?
The Renters Insurance covers damage to personal property or theft. It also covers personal liability damages, additional living expenses for temporary relocation, and emergency medical expenses for guests. However, Renters Insurance does not cover pest infestation, major weather disasters or your room or flatmate’s property; your Insurance covers only your personal property.
How Much Renters Insurance Should I Get?
To decide how much renters insurance you should get, you must set limits to your liability and personal property coverage. Personal liability coverage and personal property coverage are the two main factors determining insurance policy costs. Your property coverage should be able to cover the cost of your belongings, and your liability coverage should be about $100,000.
What Are The Dangers Of Not Having Renters Insurance?
If your properties are not protected under the renters insurance, you will have to cover damages to them out of your pocket. Any theft or loss that occurs will not be reimbursed.
How Much Does It Cost To Get Renters Insurance?
According to the National Association of Insurance Commissioners, a Renters Insurance will cost you as little as $15 to $30 per month.