Do I Need Renter’s Insurance?
Many people who rent have heard about renter’s insurance but haven’t seriously considered purchasing a policy. Most renters are under the mistaken belief that their possessions will be covered by their landlord’s insurance policy. In fact, though home owners and apartment building owners are required to have insurance on their properties, these policies only cover the outside of the home. Here are five reasons why you may want to take a second look at insurance if your renting the space in which you live:
In the event of a natural disaster damaging your home, your landlord’s policy will protect their investment, but what about yours? If rain, hail, lightening, strong winds or other natural occurrences damage the inside of your home or your property, you will suffer a loss that you won’t be able to recoup. Renter’s insurance will cover your losses, enabling you to replace the property that was damaged or ruined.
Have you ever wondered what would happen if the water tank in the apartment above you exploded? Do you know if you would be covered should the pipes inside of your walls burst? While you may be a safe and conscientious renter, your neighbors may not be. No one expects airplanes to crash through their walls or the neighbor’s apartment to catch on fire but these things happen. Renter’s insurance can cover you in the event of unexpected emergencies like these.
3.The Criminal Element
Did you know that if someone breaks into your home and steals your belongings, your landlord doesn’t have to do a thing about it? Criminals aren’t picky and they couldn’t care less whether you rent or own. If you don’t have renter’s insurance you can kiss your property goodbye. Renter’s insurance will cover you if you are the victim of a break in and your property is stolen.
Most of us have left that bathroom sink running at least once or ignored that leaky pipe for too long. Were you aware that you are liable for the damage that your negligence may cause to another apartment? If your overflowing sink causes water damage to the apartment below you for instance, you will be responsible for the cost of repairing the damage. Renter’s insurance can help cover the costs of repairs that are necessary due to any negligence on your part.
5.Loss of Home
If some type of accident or natural disaster renders your home unlivable, renter’s insurance will cover the expenses that quickly add up while you are waiting for your home to be repaired or rebuilt. This type of coverage can be especially important for those who don’t have family or friends to stay with, or who don’t have the financial means to rent a temporary residence.
If you rent a house or an apartment, you need renter’s insurance. Renter’s insurance can cover you in the case of theft, natural disaster, water damage, vandalism, smoke damage and other occurrences. If you are interested in purchasing a policy, speak with an insurance agent to decide exactly how much coverage will be right for you.
Teddy Lennings is a guest writer for cheaplandlordinsurance.co.uk. Find useful information and click here to read his articles.