6 Benefits of Having a Renter’s Insurance Policy
Whether you are renting an apartment, duplex, or house, you need a renter’s insurance policy to cover your belongings. It protects you from so many things and it is about time you stop underestimating the value of your stuff. Below are more reasons why you need a renter’s insurance policy and how it will benefit you well.
1. It is budget-friendly.
At less than $200, a renter’s insurance policy does not create a big hole in the pocket. How much you will pay depends on individual factors though including how much coverage you need, the type of coverage, the deductible, and where you live. Some states are more expensive than others.
2. It covers losses to personal property.
Even if you do not own much, it will still cost you money to replace everything in case the unfortunate happens. Renter’s policies protect against a surprisingly long list of perils, including damage caused by vehicles and aircraft, falling objects, explosions, fire or lightning, theft, smoke, civil commotion, vandalism, volcanic eruption, the weight of ice or snow, windstorm or hail, and damage from water or steam sources.
3. It may be required.
Your landlord may ask you for renter’s insurance. The property is covered by your landlord’s plan, but not your belongings. In fact, their insurance may require that you have a renter’s plan to lower their risk.
4. It has liability coverage.
If you accidentally injure someone or someone is injured while in your home, you need liability coverage. This also pays any court judgments, except for legal expenses. Most policies provide at least $100,000 of liability coverage, and between $1,000 and $5,000 for medical-payments coverage.
5. It has travel perks.
No need to purchase separate travel insurance. Your rental insurance plan can cover your personal belongings, whether they are in your home, car, or with you while you travel!
6. It covers extra living expenses.
In case of a covered peril, your renter’s insurance policy covers you for additional living expenses like temporary living expenses, food, and more. It can spell a lot of savings just when you need it most. Talk to your agent and discuss the coverage of your renter’s insurance policy. Understanding it is the best way to get the most out of it.