Renters Insurance
Purchasing renters insurance will provide you with flexibility and freedom while living in someone else’s space. A renters insurance policy provides more coverage over your personal belongings, while the landlord’s insurance protects the building and living fixtures. Affordable straightforward insurance is accessible for renters of any type. Renters’ insurance is a safeguard for your personal property from theft and damage.
What Renters Insurance Covers
Typical renters insurance will cover the items that you own inside the apartment, basement, or home. Renters insurance policies will protect you from financial loss and missing items without any kind of compensation.
The right policy should provide coverage for items damaged by a fire, vandalism, and windstorms. Furniture, electronics, clothing, and even items stored in a storage unit off-site. Some policies will also cover high-value items like jewelry or art, but you may have to pay extra for this coverage.
Renters insurance may also cover a new rental because your previous space becoming uninhabitable due to a covered event. Covered events like fires or floods that damage your rented space will trigger your insurance to provide payment for temporary housing, monthly expenses, and meals.
Renters’ insurance policies also offer personal liability coverage. If someone is injured or their property is damaged while at your home, your insurance will cover it. Most companies cover up to $500,000 in liability claims.
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Instances That Aren’t Covered By Renters Insurance
Certain natural disasters are not covered under the most basic insurance policies. Basic plans only cover the items you own inside the rental. Emergencies are often not covered by insurance unless you have bundled packages.
Instances that are not covered by renters insurance include:
- Floods
- Earthquake damage
- Pest infestations
- Damage to the landlord’s property
- Purposeful or accidental damage caused by you
- Your roommates or other living mates’ items
- Cars or vehicles
- Normal wear and tear
Understanding The Benefits Of Insurance
Many renters believe that they don’t need the coverage of renters insurance, but having this safety net to fall back on provides peace of mind. Even if you never need your insurance to pay out for a claim, having it will bring a sense of security. By evaluating your needs and how much your belongings cost, you can see the need for insurance coverage. Legal battles and medical expenses can be financially devastating for many people. Having someone to help you cover the cost of replacement or repair can help set you up for a better future.
The biggest benefit of insurance is helping you plan for the future. It is impossible to plan for all emergencies, so your insurance company provides a safeguard for repairs or replacements you were unable to plan for. This burden will be kept off your shoulders when you have a comprehensive insurance policy. Since it is impossible to plan for every situation, having an insurance company to cover expenses is a worthwhile investment.
While renters insurance isn’t legally required in all states, it is a smart choice for all tenants. Even the smallest monthly premium can provide financial security in the middle of an emergency. In an unpredictable world, having some peace of mind can limit your daily stress.
Misconceptions About Renters Insurance
Renters may feel that they don’t need insurance because they don’t yet own a home. Especially if they live in student housing or are new to living on their own with their own belongings, renters insurance may not cross their mind. Here are some common misconceptions around purchasing renters insurance.
- My Landlords Insurance Covers Me: The landlord’s policy or homeowners insurance will only protect the building. The property you own can not be protected under a policy not paid for by you. Without renters insurance, your items will have to be replaced out of your own pocket. Even if the building is damaged or a fire occurs, your items may not be replaced by the landlord’s insurance since they don’t own them.
- I Don’t Own Much: Even if you don’t think your items amount to much, your property is worth replacing. Losing essentials like clothes and furniture can be devastating and expensive. Covering even a few items that you own can save you money in the long run.
- It’s Too Expensive: Renters insurance is one of the most affordable insurance types on the market. Because it is covering less, it typically costs less than your monthly coffee. You can protect yourself from financial ruin by paying about $50-100 a month. Making this small monthly investment can end up saving you thousands if an emergency were to happen.