6 Unfamiliar Benefits You Get From a Good Renters Insurance

January 9, 2018

We’re pretty sure you don’t wish to be a renter forever. We know you’d also want to buy your own house and become a homeowner. This is probably why you’re saving as much as you can. So, why do you have to get renters insurance? After all, that’s just unnecessary expense, right?

Although renters insurance may not be mandatory, it is essential for someone who’s avoiding huge financial losses.

You may think, “Why do I have to get one? If the apartment gets accidentally burned down, it’s the landlord’s responsibility to rebuild the property.” Yes, there is some truth to that. And, yes, the landlord can choose to rebuild the apartment. However, it isn’t his responsibility to replace your personal belongings — your clothes, your, gadgets, your appliances and everything else you own.

When such a misfortune happens, you’ll be left in complete ruins if you didn’t secure yourself a renters insurance.

For those who are still unsure about this protection, how about you learn a little bit more about the advantages of having a good renters insurance.

Here are six unfamiliar benefits of a good renters insurance:

1. Theft

Depending on your renters insurance coverage limits and the items you have declared on your policy, you will be protected from any loss due to theft.

In many states, landlords need to meet minimum security standards if they decide to rent out a property. They can be held liable to some extent if they failed to meet these measure when a break-in happens. This means that they will have to pay you a portion of the total damages caused by theft.

However, this isn’t always the case. Your renters insurance will protect you when your belonging get stolen and your landlord doesn’t have any legal responsibility for it. Without renters insurance, you may struggle to recover the stolen valuables.

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2. Damage caused by natural disasters

Just recently, a huge wildfire ate up and turned hundreds of homes into ashes. Not only homes but everything else inside these properties was lost due to the wildfire.

In incidents like this, a person can easily lose hundreds, even thousands of dollars. We can’t control natural disasters. What we can do is to prepare for it and protect ourselves.

A good renters insurance is very useful in situations like this. If your valuables are damaged because of natural disaster, this policy will protect you. However, you may have to take an additional coverage for specific disasters like earthquakes and floods.

3. Loss due to unnatural fire

Electrical issues and short circuit damages can be a potential cause for fire. If your agreement doesn’t say that your landlord will be responsible for such damages, chances are you can be held liable. There’s change that, aside from damage to your valuables, you can be responsible for damages to the property.

4. Liability coverage

If any of you guest incurs an injury due to any accidents inside your home, your renters insurance will provide some coverage.

A small scrape or scratch can be fixed with some antiseptic and plaster bandages. But if a visitor falls from a flight of stairs, you may have to take him or her to a doctor. The medical bills can be costly to pay out of pocket. If you have a great renters insurance, this can cover the medical bills for you.

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5. Losses during travels

With a ride-on, you can cover any loss or damage to your belongings inside the car or while you’re away on a vacation. Your valuables can be protected even if you’re away from home.

Renters insurance will cover a portion of the damages so long as the items are declared or identified on the policy.

6. Affordable protection

Some renters may know about this insurance policy. What’s stopping them is the thought that a renters insurance can be very expensive. However, it can actually be very affordable.

In most cases, a basic policy can cost around $100 to $200 a year. That’s already a good deal. To make sure you get the most out of your insurance premium, always shop for insurers to compare their premiums and coverages. No insurance provider is created alike. Make it a point to shop so you can find the one that meets your needs.

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