It may not seem to make sense to get renters insurance, but it’s actually an excellent resource for tenants. This type of insurance, also known as home and contents insurance is designed to protect you in the worst case scenarios so that you aren’t left with no belongings and more debt.
Scenarios That Renters Insurance Covers
There are three situations that, while not common, can happen to anyone with no notice. Rather than be caught off guard, renters insurance can help protect you from having to pay more out-of-pocket than you have to.
If someone breaks into your apartment and steals your belongings, there’s not much you can do to recoup the loss if you don’t have insurance. While landlords are required to have insurance on the building, it almost never covers tenants’ belongings. Renters insurance covers the loss of belongings so that you can get back on your feet sooner rather than later.
Not only can renters insurance cover the items in your apartment but it can also cover items that are stolen from your car.
Fire and Water Damage
Smoke, plumbing leaks, and other forms of destruction can cause extensive damage to your apartment and everything inside. renters insurance can really go a long way towards rebuilding your life after such a crisis. Not only does it cover the value of your things, but it can also help pay for temporary relocation until your apartment is habitable again. Owner’s insurance does not cover a hotel stay if you have to be out of your apartment for a repair they only pro-rate rent for the days that you were displaced.
Renters insurance can also cover the items in your fridge. If the power goes out or your fridge stops working the food can be covered as personal property.
Injury in Your Apartment
You’re likely to have others in your apartment, whether it’s friends and family, neighbors, or repair workers. If someone hurts themselves badly enough that they become injured while in your space, you could be liable for their medical bills, as well as any lawyer or collection fees that occur. Rather than having to cover them yourself, your renters insurance can take over and pay off these bills as part of your policy.
How to Get Renters Insurance
There are different types of renters insurance to consider, as well as different companies that offer this policy. The first step is to take a look at your belongings and determine their value to get the most accurate quotes. Be sure to also review your lease to make sure you know exactly what is and isn’t covered by the landlord’s insurance.
We recommend doing plenty of research, including using online comparison tools to help make sure that you are getting the ideal insurance for your needs. You can also use websites like Reddit and Facebook to get in-depth reviews of different insurance companies.
If you already have car, life, pet, or another type of insurance, you might just be able to bundle your policies. This will help you save money on your entire policy to help you stretch your budget.