The benefits of having renters insurance.
While homeowners rarely question the wisdom of having insurance, this isn’t always the case for renters. Oftentimes, renters assume that insurance isn’t worth it because they are not responsible for the physical damages that their home or apartment sustains. However, what happens if your belongings are damaged? Or what if you face a personal liability issue? These are the situations in which having renters insurance really pays off. Here’s why you can’t afford to skip on renters coverage.
- Protection from theft– Even if your rental is in a safe part of town and is equipped with updated safety features, this isn’t always enough to deter criminals. Should your rental home or apartment get broken into, your renters policy will offer coverage for the personal items that are stolen or lost.
- Protection from fire– While your landlord is responsible for fire damage to your rental home or apartment, they will not offer any compensation for the personal possessions that are damaged or lost during a fire. Fortunately, the personal property coverage included in your renters insurance will pay for you to repair or replace the belongings that were affected by the fire.
- Protection from damages that you cause– If you accidentally caused a fire in your apartment that then spreads to your neighbor’s unit, you would be responsible for any damages that they sustained. Fortunately, the personal liability coverage included in your renters policy ensures that the cost of your neighbor’s repairs and property replacement doesn’t come out of your own pockets.
- Protection from guest injuries– If a guest injures themselves while on your rental property, there’s a good chance that you will be held liable. Luckily, with renters insurance, you can use your personal liability coverage to pay for your guest’s medical treatment and, if necessary, your legal bills.
- Protection from an uninhabitable rental– Following a major natural disaster or emergency event, your rental home or apartment may be so damaged that you cannot safely live in it. While your landlord is responsible for making the necessary repairs, it is up to you to pay for your living expenses while the repairs are taking place. If you have renters insurance, your loss of use coverage will help you cover your living expenses, including things like hotel accomodation, restaurant bills, laundromat transactions, and so on.
These are some of the many advantages of having the right renters insurance. Are you interested in learning more about this essential coverage? For assistance with all your coverage needs, contact an insurance professional at Westwood Insurance Agency today.