Reasons why you should secure renters coverage.
If you are renting a home or apartment, you know that your landlord is responsible for insuring the property you are renting for damages. However, your Landlord’s property policy does not cover any of your personal belongings. Renters insurance is specifically designed to protect your personal property from damage or loss and to provide financial protection for damages related to bodily injury and personal property in the event you are found to be at fault or negligent. Not convinced? Here are some of the reasons why you should consider securing renters insurance:
- It Protects Your Belongings
Renters insurance policies are designed to protect your personal belongings from damage or loss. For instance, if some of your possessions are stolen during a break-in or damaged during due to a water leak, your Renters policy would pay to repair or replace them. This coverage extends to a variety of belongings including clothing, jewelry, furniture, electronics, and so on.
- It Offers Personal Liability Coverage
If someone injured themselves while inside your rental or, if you accidentally caused injury to another person, you would have a serious personal liability issue on your hand. Fortunately, Renters insurance offers coverage to address third-party medical costs and even provides coverage for your legal expenses should the injured party decide to sue and you are found legally liable.
- It is Affordable
While many assume that they cannot afford the protection offered by Renters insurance, this usually isn’t the case. In fact, Renters insurance is one of the most affordable types of insurance in the market. While the actual cost of this coverage will depend on a variety of personal factors, the average cost of a Renters policy hovers around $12 a month, or $144 a year.
- It May Be Required
Many landlords require their tenants to carry Rental insurance before they will allow them to sign a lease. This is meant to protect the landlord from tenant claims. Obviously, in this case, securing renters insurance is non-negotiable.
These are some of the reasons why you should secure renters insurance. Curious to learn more about what this form of insurance can do for you? For assistance or questions regarding Renters policies or any other coverage needs, contact an insurance professional at Westwood Insurance Agency today.