The moment you sign a renter's agreement you are taking on the responsibility of the upkeep of your new home. It is important to make sure that you have insured the space for any possible damages that may occur. Most people feel that tenant's insurance (renter's insurance) is not necessary and that their landlord will handle any damages. This is not always true. Even if your landlord does not require renter's insurance, here are four reasons not to skip out.
1. Ensure Your Personal Property Is Covered
If your building is caught on fire or your apartment is flooded, your belongings can be damaged beyond repair. Most people assume that the landlord's insurance policy covers your personal belonging. This is a misconception that can put you into a financial bind.
If you have tenant's insurance, you do not have to take such a drastic financial hit. The insurance will cover most items lost. Some insurance policies also cover temporary lodging if your apartment is not habitable during the repairs. Tenant's insurance covers personal property loss due to the following:
- Riot or any civil commotion
- Damaged caused by vehicles
- Damaged caused by plumbing or heating devices
2. Tenant's Insurance Is More Affordable Than You Think
Tenant's insurance policies are affordable. On average it is about $15 a month. There are many factors that determine this cost of insurance, including
- The location of where you live
- The amount of coverage you need
- The type of coverage you pick
- The amount of the deductible you choose
For example, a smaller deductible means the rate of your insurance will go up. You have to decide if you want to pay more upfront or have smaller monthly payments that result in having a higher deductible.
3. Cover Yourself and Others with Liability Coverage
Accidents happen. Your tenant's insurance can help cover any accidents you have that causes damage to your rental property. If any injuries occur to your guests or neighbors due to your negligence or oversight, you are liable and not the landlord. For example, if an overflowing tub causes water damage in your neighbor's apartment, you are liable. If you have tenant's insurance, it will cover most damages.
4. The Replacement Policy Can Save You a Ton
You can get an insurance policy that gives you the current market value of the items that you need to replace. For example, if lightning struck your new television, your insurance will give you the cash amount to replace it. You are getting a good deal because you are paying so little a month. This may be cheaper than your standard store warranty. You can get a major replacement with little hassle.
Secure your apartment today with tenant's insurance. It saves you money and prevents you from stressing out over a loss. Talk to a professional like Breckles Insurance Brokers Ltd for more information.