Why You Need Renters Insurance
Many people make the mistake of not buying renter’s insurance because they think it is too expensive. Actually renter’s insurance can be as low as $10.00 to $20.00 per month and is well worth the price when you consider what you have to lose. Renters basically have the same risk as homeowners in cases of disasters, burglaries and failure of home systems such as plumbing malfunctioning and causing damage.
Renters Insurance is For Your Property Inside The Home, Liability for Injury or Damage, and Relocation and Temporary Lodging Expenses.
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People who rent often believe that they are covered for damage to their property by their landlord or condo association but the landlord’s or condo association’s insurance only protects the building, not your property that resides in the building. According to StateFarm.com, most people own more than $20,000 worth of property, so if something happens to your belongings, your losses could be significant.
Here are the things a standard rental policy covers damage from:
Natural disasters – fire, lightning, windstorm and hail (not flooding)
Theft and vandalism
Aircraft or vehicles
Smoke
Weight of ice, snow or sleet
Falling objects
Riots
Volcanic eruptions (not earthquakes or tremors)
Accidental discharge or overflow of water or steam
Freezing
Sudden and accidental tearing apart, cracking, burning, or bulging of a steam or hot water heating system, an air conditioning or automatic, fire-protective system.
Now there are some additional situations renter’s insurance covers that many people are unaware of. Renter’s insurance actually extends beyond on-premise theft and hazards. This means if something happens while you are traveling (i.e. your suit case is stolen) or your car (or your rental car) is burglarized you’ll probably be covered. So renter’s insurance can be a valuable protection outside of your apartment or condo.
Also, if you have renter’s insurance you are protected if someone gets hurt on your property. For example if your friend slips and falls on your kitchen floor, you are covered. You may even receive compensation for legal defense costs in the case of a lawsuit.
When you are purchasing renter’s insurance make sure you understand if you are buying actual cash value coverage or replacement cost. Actual cash value will be cheaper but because the cost of everything just keeps going up you probably want replacement cost. Actual cost is what the item was worth at the time it was damaged and replacement cost is what it will cost to replace it with a similar item.
So, you may be asking if you need renters insurance. Even if you rent, a flood or fire could ruin your property like a tv, computer, or important papers. You can be displaced from your home. After all, it is still your home, even if you rent it. How are you going to pay to move, find a temporary place to stay, or replace your valuables?
Remember: A rented home is still a home!
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