If you rent a house, condo or apartment, you need a renter’s insurance policy. Many renters mistakenly assume that they are covered under their landlord’s insurance policy, but that’s simply not the case. A landlord’s property insurance policy covers losses to the building itself and doesn’t include any coverage for personal property belonging to the occupants.
We previously covered a few myths and facts about renter’s insurance to help clear up some of the most common misconceptions that renters have about coverage. To further explain the importance of having renters coverage, here are the top seven reasons to buy renter’s insurance.
1. It’s one of the most affordable investments you can make.
Renters insurance is one of the cheapest insurance policies you can purchase. According to the National Association of Insurance Commissioners, average renter’s insurance premiums fall between $15 and $30 per month. Renters insurance can also sometimes be bundled with other types of insurance policies in order to save even more money.
2. It offers protection for your guests.
The renter is liable for anything that happens to their guests inside of their home or on the property. Renter’s insurance offers protection in the form of financial reimbursement for guests who are injured while visiting your home. The only exception to this would be if the injury occurred in a common area of the apartment or condominium complex, which would be covered by the property liability insurance.
3. It offers coverage for damage caused by you or your unit.
Accidents happen, and sometimes those accidents can damage other rental units around yours. For example, if water were to leak into an apartment below your own and damage your neighbor’s home or property, you would likely be liable for the damages. Renter’s insurance offers financial reimbursement for damage to other units that was caused by you.
4. It protects your personal property.
Your landlord’s insurance policy doesn’t cover any of the personal property or furniture inside your unit. However, your renter’s insurance policy does. It can reimburse losses to your personal property, such as clothing, electronics, furniture, decorations and more.
5. It can cover losses from some natural disasters.
Surprisingly, renter’s insurance often includes coverage for damage to your property caused by natural occurrences such as windstorm or hail, weight of snow/sleet/ice, lightning and in some cases even volcanic eruption.
6. It can help with the repair or replacement of stolen property.
If theft or burglary were to occur in your home, your renter’s insurance policy can reimburse you for the loss. However, there are often conditions that need to be met in order to qualify for cash benefits, and there are limits to how much you can receive.
7. Renter’s insurance can fit a variety of needs.
A renter’s insurance policy contains a number of named perils to protect renters from damage or loss in almost any situation. Most renter’s policies exclude flood and earthquake coverage, but the amount of perils that are included can fit a wide variety of coverage needs.
About The Insurance Store
The Insurance Store was created to bring ease and agility to Surplus Lines coverage placement for agents serving commercial and personal lines clients in specific regions throughout the country. We provide a wide variety of packages for hard-to-place products and risks that include earthquakes, floods, hail, and more. To learn more about how we can protect you in the event of an unforeseen event, contact us today at (425) 313-9605.