It’s easy to figure out if you buy your own home, you need to have it insured. But just because you rent your place doesn’t mean you don’t need renters insurance. That’s because the insurance policy of your landlord doesn’t cover your personal belongings, nor does it cover any liability when you have visitors that get hurt while they’re in your apartment. This gives you the coverage you need should bad things happen to your stuff and to your guests in the apartment.
So just because you don’t own the place doesn’t mean insurance can’t help you. Here are some benefits that you can enjoy once you get your policy in place:
- The insurance can pay for the cost to replace or repair your items within the apartment. This all depends on the amount of coverage you get. But it can give you peace of mind knowing that your furniture, electronics, and expensive clothes are all covered by the policy.
- The policy can cover many types of perils that can cause damage to your personal property. You should double-check your policy to be sure what these perils are. For the most part, though, these can include any damage caused by fire and lighting. Apartment building fires happen with depressing regularity, and in one 10-year period, fire brigades had to deal with 420,315 fires. The problem is that other people in your building may not be as careful about fire hazards as you may be.
Then you have theft, which can be a problem in some neighborhoods and in college dormitories. Other covered perils may include water damage due to leaks, wind and hail damage, and even vandalism. So if the water pipe in your apartment bursts, then you can have the cost of your damaged items replaced by the insurance company.
- Your stuff in storage lockers may be protected as well. The coverage amount can go up to 10% of your total coverage. So if your insurance policy has $40,000 worth of coverage, you have up to $4,000 worth of protection for the items in your storage unit.
- Reimbursement for loss of use. What if you have a fire in your apartment building, and so you end up with an uninhabitable place? Where will you live in the meantime? You can find a motel or hotel, and your insurance can cover your living expenses up to a certain amount while you wait for your pace to be fixed up.
- You’re also covered if you’re found liable for injuries suffered by your guests.You should really be very cautious about inviting people to your apartment, because you are responsible for making sure your guests are safe when they’re in your rented home. So if they get hurt and they sue you, the coverage can pay for the cost of the attorneys as well as for any damages that you may have to pay out.
- It pays for medical expenses to others. The injured guest doesn’t really need to prove that you were liable for their injuries just so your insurance can help them pay for their medical bills. Often these insurance policies come with medical payments for your guests, and they can get these payments even without proving your liability. At least you don’t have to be sued to help your injured guest pay for their medical expenses.
- You may actually be able to rent a place. More and more rental properties these days require you to get renters insurance first before you can rent a place. The important detail here is that
The benefits of renters insurance are undeniably helpful, and they’re great for your peace of mind. That’s actually the point of all insurance in the first place—you know that when you lose your stuff or a guest gets injured, it’s not going to be as bad for you financially as when you don’t have insurance.