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Living in a rental home or apartment may have you feeling relatively secure with your living conditions. Since you’re not the owner, there’s no worrying about fixing major property damage. Therefore, you may have never given much thought to renters’ insurance. However, you may want to reconsider and give this type of insurance serious thought. There are several good reasons to consider getting coverage as a renter.
Personal Belongings
While you never expect to be in a situation where there is an emergency that puts your life and property at risk, these things could happen at any time. Fires and flooding can occur in the blink of an eye. One moment everything is peaceful and the next you are forced to leave your home and most of your possessions behind. Furnishings, electronics, clothing, collectibles and other items can be damaged. Sometimes, renters are the victims of theft. Without coverage it can be very difficult to replace everything.
Causing Structural Damage
You, or someone in your home, may be directly or indirectly responsible for causing serious structural damage to the residence. If people are hurt, or if the building is seriously damaged, you could face eviction and a lawsuit to recover damages. Get covered so that you are protected in case you get sued.
Temporary Housing
A severe storm, hurricane, tornado or fire could leave you without a place to live. While the rental property is being repaired, you need funds to live elsewhere. Renter’s insurance can help with temporary living expenses.
Personal Injury Claims
One of the most unfortunate things that catch renters off guard is when a visiting guest gets injured. Imagine a heavy object falling off a shelf and hitting a guest on the head. Someone slips on your newly mopped floor, trips and falls down the stairs or suffers an injury during a playful activity. All of these are grounds for filing a personal injury claim against a renter. These types of incidents can send you into bankruptcy without insurance protection.
Affordability
While many may assume renters’ insurance is expensive, it is actually quite affordable for most people. On average, coverage is around $15 to $30 per month.
Many rental insurance policies are very affordable. To check into coverage options and rates, consult with a local insurance agency in your area.