10 Reasons Why You Should Buy Renters Insurance
Renters insurance provides protection for the contents of your apartment and rented or leased home, townhome or condo. Should something happen that you suffer a loss, having rental insurance will help you recover. The following are 10 reason why everyone should buy renters insurance, if they rent or lease a apartment, condo, townhome or single family home.
1. Accidents happens.
While you may be one of the safest people around, if you live in a multi-tenant apartment complex, all of your personal belonging could be at risk due to no fault of your own. Many things are out of your control, so having renters insurance will provide you and your family with the protection you need.
2. A homeowner’s insurance policy does not provide protection, if you rent or lease a home.
Many people wrongly think that if you rent a home, the owner’s insurance will cover all the contents of the home. The truth is, most landlords do not buy coverage to cover their tenants contents of the home. To cover you valuable personal belongings, you need to purchase renters insurance.
3. It costs more than you think to replace everything you own.
Should the worse happen, it can cost more than what you think to replace your furniture, televisions, computers, clothing and more. A renters insurance policy will help you to replace the things you lose and get back on your feet.
4. You can get a discount on your auto insurance policy.
Many auto insurance companies will offer you a discount on your auto insurance if you also have renters insurance with them. The savings on your auto insurance can sometimes cover a significant portion of your renter insurance premium.
5. Many landlords require proof of renters insurance before you move in.
If you are in the process of moving or looking for a new home or apartment to lease or rent, you may want to get renters insurance to make leasing or renting a place easier. Once you find your ideal home, all you have to do is contact your insurance company and update your address. In some cases your premium may go up or down.
6. Renters insurance is affordable.
Most renters think that getting insurance to cover the contents of their apartment or rental home will be expensive. The reality is with the savings you may get on your auto insurance, the price of renters insurance is very affordable, even for someone on a limited or fixed income.
7. Losses can come in many forms.
Many people think that a fire is the only type of event where renters insurance provides coverage. Most renters insurance coverage will cover many more types of losses. Often times, renters insurance will cover thefts, storm damage, water damage and more. When getting a policy it is important to understand everything that is and is not covered.
8. Peace of mind.
Having a renters insurance policy will give you peace of mind if something were to happen to your rental or leased apartment or home. Home electronics, furniture, appliances, clothing and jewelry can cost thousands to replace. Renters insurance will give you peace of mind that your insurance company will help you in the event suffer a loss.
9. Housemates or roommates can increase the risk of suffering a loss.
The more people you have living in your home or apartment can increases the potential of an accident or another type of loss. While you may be very cautious and safe, when you are sharing your apartment or home with others, there are more things out of your control. Renters insurance will help minimize that risk.
10. Flexible coverage.
Most insurance carriers allow you to customize your renters insurance coverage. You can adjust your coverage levels, deductibles and more. Customizing your coverage allows you to get the optimal amount of coverage to meet your insurance needs without paying more.
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Renters insurance is one of the most underrated types of insurance out there. It’s also one that many people regret not having invested in until it’s too late. A renters insurance policy can protect you and your belongings in situations that you may not have ever anticipated.
Imagine the ceiling caving in; a major leak upstairs or a fire! If something were ever to go wrong you may not only have to replace some valuables in your apartment, but your place may become uninhabitable for a length of time too. What would you do if you had to stay in a hotel for a couple of weeks?
You may not remember everything that got destroyed and you won’t be compensated for it either. Think about what kind of damage a really bad water leak or fire will do. Your things may become unrecognizable and you may not list everything properly when you start the claims process. Or worse yet, what if the insurance company requires proof of ownership?
Really, the best way to determine which policy is right for you is to see how often you think you may need to file a claim. Because an expensive deductible is more difficult to pay, you should not choose the highest deductible if you know you’re prone to break-ins or if the apartment complex you live in is poorly maintained (a faucet leak upstairs from you may destroy all your property).
Comparison shopping usually results in a savings of several hundred dollars a month!