Are you considering purchasing renters insurance? If you are renting an apartment it is highly recommended. Renters insurance is becoming more and more common as many people chose to rent instead of buying a home/condo. Even though you are not the owner of the property, you still want to make sure that the contents inside are protected in case of accidents, disaster or theft. If you are still on the fence about getting renters insurance, take a look at the following top reasons that you should be getting renter's insurance when renting a home or condo.
In case of theft
There are many objects in your home that would be expensive to replace if they were ever stolen. You have other belongings that are irreplaceable due to sentimental value. Objects such as computers, jewelry, personal property, silverware, antiques, collectibles–among other items are susceptible to theft. Renters insurance will typically cover standard payouts in case of theft, which means that you will get replacement value for objects that have been taken. In some cases, you will need to purchase additional coverage if you are looking to cover additional personal property items.
In case of water damage
Water damage can occur in the most unlikely of places–due to pipe's bursting in the bathroom, leaks that got out of control, and flooding/rain. Water damage can cause substantial damage, destroying fragile objects like books and electronics, which are typically not covered under landlord insurance policies regarding water damage. Having renters insurance will help protect your finances in case water damage occurs and destroys your valuables since you will be able to receive compensation for the damages.
In case of fire
Fire is an unfortunate occurrence in any home and can happen due to another tenants negligence. In a rental property, if a fire occurs you may find yourself dealing with not only the loss of your home and living space but your personal property as well. The landlord will have property insurance to cover the structural damages, but the loss of personal belongings will only be covered if the tenant has rental insurance. Renters insurance will help pay for the loss of your home or apartment's contents as well as pay for accommodations during property restoration/renovations. Rental insurance will help to ensure proper compensation in case of fire, covering a to stay somewhere while the damage at the rental property is being repaired/restored.
In case of personal injury
If someone is injured on your property, then you definitely need renters insurance in order to help you cover any legal liability for that person's injury. Standard renters insurance provides liability coverage from anywhere in the ballpark of $100,000 to $500,000-but you can always purchase additional coverage (or less coverage) as you see fit. It's better to get renters insurance as soon as possible for this reason alone-no one wants to be on the wrong end of a lawsuit, especially for serious injuries.
Importance of Renters Insurance
Renters insurance is essential if you will be living in a rental home, condo or apartment; rental insurance will help cover the cost of replacing items that were stolen or damaged while also protecting you from cases where someone holds you legally responsible for injuries occurring at your place of residence. Rental insurance is about so much more than a mere financial replacement: renters insurance helps offer peace of mind, as you know that in the case where something did happen to or in your home, your renter's insurance will help keep you protected.