A good number of people who are renting their property have either never thought about the need for renters insurance or maybe believed that they were already covered through their landlord’s policy.
The cost of arranging this insurance is often not that expensive and becomes a small price to pay for peace of mind.
Here are some of the reasons why you should consider getting insured.
You would hope that without question, your landlord has insurance in place that covers against structural damage to the building. More often than not, their level of cover will not provide you the tenant with any level of protection and you could be held financially responsible if you cause an accident such as a fire or a flood by leaving a bathtub to overflow.
Having renters insurance will mean that you are covered for any damage caused at the property and your insurer will pick up the bill rather than you.
In a worst case scenario you might have to temporarily move out of your rented property as a result of an accident that may have been caused by you. This is another area where your insurance should normally provide you with cover so that you can be compensated for any financial loss caused by having to move out for a short while so that repairs can be carried out.
Protect your belongings
There are any number of events and incidents that can result in damage or loss of your personal belongings. Renters insurance can ensure that you are covered against fire, theft or a number different situations that could result in a financial loss if you do not have any insurance cover in place.
This is an area that lot of tenants do not give much thought to but if a visitor gets injured while they are in your home you could leave yourself vulnerable to a costly lawsuit. The number of American’s injured in their homes every year is in excess of 5 million people and say for instance you have a dog that bites a visitor, causing an injury, your renters insurance can cover you against being left seriously out of pocket if you get sued.
Leaving it to chance
The average cost of renters insurance is somewhere between $15 and $30 per month, which might seem like an expense you could do without but do you really want to leave it to chance?
The amount that you end up paying will of course depend on the type of property that you are in, the area that you live in and also the level of cover that you choose to take out.
The same incentives apply on these policies as they do for homeowners in that you can get discounts if you install smoke alarms, fire extinguishers, burglar alarms and make sure that there are dead bolt locks on the doors.
Shop around for the best deal but when you stop to think about it, having renters insurance is a really good idea and a small price to pay for peace of mind.