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5 Benefits Of Having A Renters Insurance

5 Benefits Of Having A Renters Insurance

Published by Programme B

When it comes to your home, you always want to ensure you are as protected as possible. A study has shown that about 95% of people who own a home have some sort of insurance on it. On the flip side, only 40% of people who rent have renters insurance. Renters insurance is highly advised as paying a small amount each month can help save you thousands of dollars in the case of a disaster. In some cases, the insurance of the homeowner might cover a problem, but if it does not, it is going to be up to you. 

Homeowner’s insurance will cover damage to the property itself while renters insurance will help cover everything that is on the inside. Here are some of the benefits of having renters insurance for your place.

It Protects Your Property

As mentioned above, the first and major benefit of having renters insurance is that it helps to cover your personal belongings in the case of an accident. Some people think that renters insurance will only cover your expensive items in the home, but that is not true. If you lose all the items in your house to a fire, you will be compensated for everything. This is a great form of protection for renting as it will help to keep you covered. Do you want to worry about losing everything while you are at work?

An added benefit to renters insurance is that it also covers belongings that are outside of the unit itself. For example, items within your vehicle and belongings on your balcony or yard are all also covered by renters insurance. You’ve worked hard to secure a place to rent and also purchase your belongings, why not get a layer of protection so everything doesn’t just get erased. Protect your property with renters insurance and lessen the stress if something disastrous happens.

Protection From Guests

Let’s imagine a scenario where you have a guest over and you have a lot of cables and cords on the ground. Your guest ends up tripping over them and banging their head on a table or the floor. They end up having to get medical attention and the medical bills quickly rack up and get out of hand. In response to this, they decide to sue you so you would have to cover the medical costs. In a situation like this, if you are proven to be negligent, you are going to be at fault and are going to have to pay out of pocket.

Fortunately, if you have renters insurance, you will be covered in case this happens. Your insurance will cover everything, allowing you to get back to your life. Just think, if you don’t have the proper insurance, one fall from a guest could completely change and ruin your life.

Coverage For Temporary Living

What would happen if the home you were living in were to become temporarily uninhabitable for a few days? Would you have the necessary money to go to a hotel or motel? This is another thing that renters insurance covers and protects you from. If there is ever a time where you are forced to vacate the home for several days, your accommodations will be covered, along with food and any other costs that were incurred as a result. When doing this, however, be wary of the limit your company places. This is to prevent people from exploiting the system and getting a presidential suite at an expensive hotel. Either way, having that protection and coverage is important in the case your home becomes uninhabitable.

It Is Cheaper Than You Think

You might think of renters insurance as being something that is going to cost you hundreds of dollars each month. Some plans start as low as $15 a month. Take a look at the available plans and find out what works for you and the level of coverage you want. Always read exactly what you are getting coverage for when getting insurance.

Insurance Packaging

The final thing with renters insurance is that you can package it with various other insurance plans to save money. Vehicle insurance is mandatory so call up your insurance company and see if they also have some form of renters insurance. You can end up bundling the two together and saving even more money. At the end of the day, wouldn’t you like to get more coverage while saving money?

These are just a few of the benefits of having renters insurance. Always read up on the coverage that you are getting beforehand so you can decide if it is best for you. What type of coverage are you looking for when renting?