If you are one of the many people across the nation who rent your home, it's important that you take the time to recognize the value of renter's insurance. Lenders typically require individuals purchasing a home to carry some sort of insurance policy, and you should follow this lead by securing renter's insurance to protect yourself while living in a rented property.
Here are three reasons why investing in renter's insurance is a good idea.
1. Renter's insurance protects your personal property.
While you may not be responsible for the cost of repairing a damaged apartment or rental home, you need to recognize the fact that the landlord is only responsible for the structure you are living in. If a roof leaks and your expensive television is damaged beyond repair, your landlord will not be responsible for covering the cost of replacing the television.
If you take the time to add up the replacement value of your personal property (electronics, furniture, clothing, etc.) you may be surprised to discover how much your items are worth. Having renter's insurance protects your personal property and allows you to access the financial resources needed to replace items that get damaged in your rental home.
2. Renter's insurance can protect you against personal liability.
Should someone visiting your rented home sustain an injury, you could be help liable for the costs related to treating this injury. Many renter's insurance policies feature a personal liability clause that allows you to receive financial help should one of your guests become injured and need medical care.
Without renter's insurance you may have to foot the entire bill if a guest trips on your coffee table and ends up needing stitches, but a valid renter's insurance policy can help you cover these medical costs.
3. Renter's insurance can help pay for a new property.
In the event that a natural disaster or other type of accident leaves your rented home uninhabitable, you may find it difficult to cover the costs associated with moving into a new home.
Renter's insurance can help you cover these moving expenses when you are displaced from your current home. Having the peace of mind that comes from knowing you will be able to receive financial support for a deposit, moving truck, and other relocation costs can alleviate some of the stress you feel when losing your rented home to a disaster.
When you are able to identify the ways that renter's insurance can protect you, it's easy to see why you should ask your insurance agent about securing renter's insurance in the future. For more information, contact JP Anthony Agency, LLC.
Share25 April 2017
I still remember the first time I had to chose an insurance policy; I was 17 years old and had just saved up enough money to afford my very first car. I was so excited to begin driving, but overwhelmed with all of the different auto insurance options. My father helped me chose a full-coverage policy that would cover the cost of my car if it were to become damaged in an accident. When I inevitably caused a small fender-bender as a new driver, my insurance company paid for my car repairs, so it sure was the best policy for me! Now that I am older and have learned a lot about home insurance and other types of insurance, I thought I would make a blog to help others who need insurance advice, like what my dad gave me. I hope I can help you make wise insurance decisions!