Why Every Renter Needs Renters Insurance
Do you rent your home? In that case, getting renters insurance should be one of your main priorities.
Many renters don’t think they need renters insurance because they don’t own their homes. But when something unexpected or even catastrophic happens, they end up missing out on the kind of protection renters insurance has to offer.
Are you on the fence about getting this kind of insurance for yourself? Keep reading to discover why every renter needs renters insurance.
What Does Renters Insurance Actually Cover?
We are going to walk you through why renters insurance is a “must-have” for every renter. Before we do that, though, it’s important to go over the basics of what this insurance actually covers.
Generally speaking, renters insurance covers property damage, liability issues, medical expenses, and loss of use regarding the property itself. And the rest of our guide will outline why having this protection is far more important than the average renter imagines!
Am I Required To Have Renters Insurance?
While you may not be familiar with renters insurance, you are likely very familiar with car insurance. And with automobile insurance, most states require a certain minimum amount of coverage. This has led many renters to ask a simple question: “do I legally have to have renters insurance?”
The short answer to this question is “no.” There are no states where you are forced by the state or local government to insure the homes you rent.
With that being said, landlords are within their legal rights to require tenants to purchase renters insurance before signing a lease. So even though the state cannot require you to get this coverage, those without renters insurance may eventually have to find somewhere else to rent.
Now that you know some more about the basics of renters insurance, we’re going to take a closer look at why every renter needs this kind of coverage (and not just for your first apartment).
Protect Your Property
The main reason renters need renters insurance is to protect their property. A good insurance policy can help protect your clothes, furniture, electronics, and other items that would be expensive to replace.
Typically, your policy will spell out which perils your property is protected from. For example, a standard policy protects against theft and vandalism as well as water damage, fire damage, or more.
Some renters think they don’t need renters insurance because the landlord has the home insured. However, the landlord’s policy most likely covers only the physical structure, so you will need your own insurance to protect your most valued property.
Affordable Coverage
If you’ve been holding off on getting renters insurance, you are probably worried about the cost. But what if you had hardly anything to worry about?
Many renters pay no more than $15 per month for their renters insurance. This is a relatively small amount for almost any budget, and it makes a big difference in the right situation. Plus, you can always follow a few easy tips and get an even better rate!
After all, renters insurance helps protect thousands of dollars worth of property. Compared to the cost of the damage, the cost of protecting your property is very nearly negligible, especially compared to the cost of replacing your most expensive property.
“Just In Case” Protection
When we talk about renters insurance, we mostly talk about protection from smaller incidents such as theft and vandalism. However, renters insurance can also protect you from major catastrophes as well!
Most renter’s insurance policies cover additional living expenses in the event something happens and you can’t live in your home. For example, a fire may burn your home down. And in that case, you will be on the hook for finding somewhere else to stay and then paying money (potentially quite a lot of money) for temporary lodgings.
However, renters insurance will pay for a hotel, food, and other living costs until your home is repaired. So while nobody wants to think about terrible accidents happening, it’s good to know that you are covered.
Peace of Mind from Liability Coverage
With this type of insurance, we mostly worry about external threats, including thieves and major weather events. But what if the biggest threat to you came from inside the house?
Whether you rent or own your home, you may be liable if somebody is injured while visiting the property. This is especially true if the damage is due to something that you did or negligently failed to do.
Long story short? If someone is injured on your property, then they could sue you in an expensive lawsuit. And even if you are completely innocent, the legal costs of defending yourself in court can quickly add up. But with renters insurance, you will have protection from medical expenses, legal expenses, and court judgments.
Great Protection for Travelers
We normally think about renters insurance protecting your property while you’re at home. But would you believe it will also protect your property while you travel?
Because the policy protects your belongings, it will continue to protect them from things like theft wherever you travel. You simply have to check the fine print of your policy to determine what the exact covered losses are.
Remember, your property can be stolen or damaged no matter where you go. But renters insurance helps provide the protection you deserve.
Room to Negotiate
Earlier, we mentioned how certain landlords might require that you have renters insurance. But what if you could turn that to your advantage?
Like automobile insurance, your renters insurance is attached to you rather than to your home. This means that you can take out a policy that effectively stays with you when you move from one home to another. Be sure to update your renters insurance with the new address.
If you already have renters insurance, you will be able to choose from more rental homes than you otherwise could. In addition to helping you find a great place to live, having extra rental options can also help you find the most competitive monthly rate!
Get the Best Renters Insurance Today
Now you know why every renter needs renters insurance. But do you know where you can get the best coverage today?
Here at Insure One, we specialize in protecting you, your family, and your property. To see how we can keep everyone and everything safe, come explore our renter’s insurance options online today! Alternatively, you can discuss your options with us at the nearest office or by phone at 800-836-2240.