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What is Renters Insurance and why is it important?
If your belongings are ever damaged or stolen or you’re facing a lawsuit or additional living expenses due to an act of god, Renters Insurance may save you from an enormous financial burden.
Most people are familiar with home insurance. Less familiar is Renters Insurance (also known as Tenant Insurance), which protects you if you’re renting a residence. Renters Insurance may be a requirement for some landlord-tenant lease agreements, but even if it’s not, it’s a good idea to have.
Although landlords likely have insurance of their own, your landlord’s insurance typically only covers the building. This leaves your contents within the building unprotected. Further, if you were found liable for damages to the building, your landlord’s insurance company may come after you for the costs. Renters Insurance can aid you in both of these situations. Further, it can cover certain expenses that arise from an emergency.
Renters may think that they don’t own enough belongings for this type of insurance to be worth its cost. However, a good idea is to take inventory of your belongings and how much it would cost to replace everything. You may be surprised. Insureds can also choose how much personal property coverage they need as part of their policy. So if you have limited valuable belongings, you can opt for a lower amount of coverage but maintain the other benefits of Renters Insurance.
Renters Insurance can cover additional living expenses as a result of unfortunate situations. It can pay for hotel and reasonable additional food costs when you’re forced to leave your home.
Although landlords likely have insurance of their own, your landlord’s insurance typically only covers the building.
What to look out for in a Renters Insurance policy
Although Renters Insurance covers many situations, there are a few things to look out for before you commit to a policy
Determining the cost or coverage of these three factors can determine the price of your policy. For example, a larger coverage limit commonly leads to a higher monthly cost for your insurance policy. Other factors that could affect the cost of your policy include:
- The city you live in
- The type of building you live in
- The insurance company
- Your insurance history
Renters Insurance may seem like another cost you don’t want to pay for when rent, condo fees, and other dues are on the horizon. But having Renters Insurance protects you from the worst-case scenario. In reality, the best case is that you’ll never have to use the policy. But if your belongings are ever damaged or stolen or you’re facing a lawsuit or additional living expenses due to an act of god, Renters Insurance may save you from an enormous financial burden.
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