Three Reasons to Get Renters Insurance

Posted by admin in Property, Real Estate on 11-08-2017

When you tell people that rent a home, you might see them rolling their eyes as they tell you that buying is much better than renting. Renting is a smart option for many though, especially those who want to save money for the down payment on a house they buy later and those who move often for work. Whether you rent a house or an apartment though, you should think about getting renters insurance. One of these policies will protect your belongings as well as your bank account when a disaster strikes.

Personal Property

One benefit of getting renters insurance is that the policy will protect your personal property. Consider what would happen if a robber broke in while you were at work or on vacation. That person could take everything of value from your home, including a laptop that you use for work and a gaming console and television that you use to relax. With renters insurance, you will pay your deductible and let the insurer cover the cost of replacing all the items that someone stole from your home.

Building Damage

Many people do not purchase renters insurance because they assume that their landlords will take care of any damage that occurs. They do not realize that the legal system may hold them responsible for some of the damage done to that building. A good example is a fire that was the fault of the tenant. If you had a kitchen fire that did damage to your kitchen, the landlord may come after you for the cost of repairing the kitchen as well as damage caused by smoke and water to other areas of the building.

Natural Disasters

A natural disaster like a hurricane or earthquake can cause so much damage to the building you live in that you cannot move back there. With the right insurance policy, you’ll get cash that you can use to cover all your living expenses. You can use that money to stay in a hotel until the landlord repairs the building or to find a new rental home. Insurance will also cover the cost of replacing all the personal belongings that you lost in that disaster. You can get quite a bit of coverage for just a small monthly payment. Click here for more information on the best types of insurance and how you can get a renters policy.

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