If you have been renting for quite a while now but has just recently heard about renters insurance, it’s probably time for you to get to know all about it. Besides that, you should also learn the reasons why renters insurance is a must for you.
While it’s good to consider becoming a homeowner someday, you still need to get proper insurance coverage while you’re renting.
It will serve as a form of security blanket should something happen to you and your belongings. To give perspective on the matter, here are the reasons why getting renters insurance is important.
Coverage for loss of property due to theft
Renters insurance will cover a loss of property if ever it gets stolen. It’s every landlord’s responsibility to make sure the properties they rent out meet their location’s security standards.
However, that doesn’t totally diminish the fact that break-ins can still happen. Remember that landlords have no legal responsibility for your personal belongings.
If some of your personal belongings get stolen, it may be difficult for you to recover those items without insurance.
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Protection from natural calamities
Natural occurrences like earthquakes, wildfires, are something that we could not predict and control.
One of the best ways to prepare for natural calamities is to have an insurance coverage that protects our you and your valuables in ever they get damaged by these tragedies.
Thankfully, renters insurance covers your personal belongings if ever it gets damaged by these natural tragedies.
Renters insurance can provide liability coverage in the event that a visitor gets a serious injury in your apartment that will need medical attention.
Depending on the coverage, renters insurance can cover some a portion of the medical bill after the guest gets medical care.
Insurance policies, however, usually won’t cover simple scrapes and scratches since it can easily be fixed with first-aid treatment. As mentioned, these injuries should be serious and considered medically necessary.
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It’s already a common notion that insurance premiums usually comes with a price. However, renters don’t have to worry about high premiums to pay for.
In fact, getting basic renters insurance policy ranges from $100 to $200 annually. Compared to homeowners insurance, this policy is more affordable since a lot of those who decide to get covered are part of the younger generation.
Low-cost premiums appeal more toward this demographic since rent prices are quite high that sometimes a lot would decide not to get covered anymore.
Err on the side of caution
Misfortunes, whether natural or man-made, can happen to all of us. Most of the time, these tragedies are something we could not predict.
Therefore it’s important to stress the importance of getting protected whenever these occurrences happen. It’s always smart to prioritize one’s safety and security.
Also, policyholders should also understand the limitations of their insurance coverage. For renters insurance, be familiar with what your policy covers and what is not.
In the end, also remember to get an insurance plan that meets your needs. Therefore it’s important to shop around and compare premium prices and then choose one where you can spend less and get more in benefits.