Tenant’s insurance which is also referred to as renters insurance is a policy that provides cover for personal property and liability insurance against hazard. Most tenants view it as another scam from the insurance agencies and in essence do not believe it exists. The truth is that renters insurance is not a waste of money neither is it expensive when you want to purchase it. Whether you live in a rented unit, a condominium or an apartment, renters insurance can give your protection against many unforeseen events. The benefits you can enjoy by taking the policy include:
Ultimate peace of mind
One of the biggest benefits of renters insurance is that it gives peace of mind. The awareness that your property is being taken care of and in safe hand has a way of putting your mind at rest. It eliminates uncertainties about whether your home will be vandalized, catch fire or any other hazard. In case of an emergency, any damages in your property will be replaced or you will be compensated. It is especially beneficial in the event you’re traveling or away from home.
Another great benefit of renters insurance is that it is affordable for everyone; either you are on a budget or not. Factors such as the location of your property and the amount of coverage you want among other things determine the cost of renters insurance that would be incurred on you. Renter policies are found annually for $100-$200. Renters insurance premiums differ from one state to another and you can pay as low as $10 per month. However, it is good to understand that by increasing your liability or personal property cover, premiums will increase as well. Additionally, your location matters and if you live in hurricane or flood prone areas, then you’re more likely to pay more. If you have a security alarm in your home, then you can expect to pay comparatively lower monthly premiums.
Cover against burglary
It is quite unfortunate that everyone is vulnerable to burglary and having their valuables stolen from them. These include computer, firearm, jewelry and business assets or any other properties are at risks which are not insured. You will be safeguarding your properties by buying insurance. You will be compensated by renters insurance if you home gets robbed.
Cover for the damages you cause inadvertently
Renters insurance gives you extra protection against damages that may occur due to your negligence. In case you accidentally cause fire and it spreads to your neighbor’s property, the tenant’s insurance can help you pay for the damages and even make needed repairs.
Anyone can be victims of accidents at any point in time because accidents can be unpredictable. It can be worse when the victims are visitors or guests in your home. If one is injured inside your property, renters insurance provides you with medical coverage where it pays medical expenses up to the maximum limit of your policy.
Protection against lawsuits
This can happen in a case where you cause damage to your neighbor’s property or your dog biting a neighbor. You might get sued in a court of law in such a case. If you have renters insurance, there would be financial assistance rendered to you as lawsuits can be expensive.
It covers water damages
Water hazard can cause serious damages to your property either as a result of plumbing issue or pipe burst. Your entire upholstery, electronics and other valuables can be ruined as a result of water. This kind of loss can be covered by renters insurance.
Your landlord’s insurance doesn’t cover the belongings in the property. While most of us overlook it, renters insurance is quite paramount. It covers various losses and damages caused by fire, theft, or water and any other hazards. The policy covers losses of property inside your home including the ones you borrow or rent. Although most of us think it is an unnecessary expense, the policy is very affordable and can save you a lot of hassle in case of an emergency.