Top 10 Reasons Why You Should Get Renter’s Insurance

Insurance protects you from most of the bad things which can happen to you even though you never expect it. There are a huge number of things which you cannot control; even when you know the place that you live in inside out. It is very important for you to safeguard your property and belongings by means of a renter’s insurance, since it will give you financial protection for property loss or damage. This is especially true when you are the tenant of a rented property.


So, if you are still in any doubt, here are the ten reasons why you should get renter’s insurance as soon as possible:

Anticipate Replacement of Stolen Items

Renter’s insurance will provide you with cash benefits for you to replace lost items, since in a typical two bedroom apartment the total value of clothing, electronics, and other belongings may add up to around 30 thousand or 40 thousand dollars.

Extended Fire Damage

If your property is on fire and then it spreads to the neighbor’s building, you will also be held liable for the damages caused in all of the other buildings around you. It is definitely going to be costly, so make sure you have this probability covered by your insurance policy even though it means paying a few dollars more.

Extended Theft Coverage

Extended theft coverage refers to a condition where an insurance policy can be used to cover stolen items which are not directly inside your rented space, such as in your car or your unoccupied building.

Frozen Systems

Systems such as the water sprinklers, plumbing, and air conditioning system may freeze due to low temperatures, causing damages to your valuable appliances. You can also get your insurance policy to cover these matters, and it may be best for you to do so because you never know what will happen next.

Guest Protection Against Your Pets

As expected, you will be held liable for compensation when your guests are accidentally bitten by your pet during their stay at your place. Some states require you to automatically compensate your guest in such cases, but you can prevent this from happening by getting a renter’s insurance. The renter’s insurance will cover such personal accidental injury and also other accidental injuries experienced within your rented property.

Natural Disasters

You as the tenant bear the obligation to fix any property damage caused by natural disasters like a storm, tornado or wildfire. If your property is vulnerable to these kinds of risk, you should check whether or not they are covered by the renter’s insurance policy. A number of renter’s insurance policy allows holders to purchase riders for covering property damage caused by earthquakes, hurricanes, floods and even volcanic eruptions.

Sewer Drainage Damage

Damage in the sewer drainage may cause overflowing water, which sooner or later may cause damages to other property as well. You can fix the clog by yourself, or you can choose to add a few more dollars to your insurance policy to get an additional coverage for the sewer drainage damage.

Short-Circuit Fire Damage

If there is a fire caused by a faulty electrical wiring, you as the tenant may be held liable because it proves that you are being negligent for your property as well as the damaged part of your house. If it is caused by your guests misusing electronic devices then you will be off hook, but better be safe than sorry. Make sure that your renter’s insurance policy covers fire damages caused by short circuits.

Temporary Hotel Stay

In some cases, certain events may cause your guests to leave your rented property and stay in a hotel temporarily. If this happens and it is contained within your insurance policy coverage, your insurance company will give you a refund on that (though may be limited to a certain amount).

Unintentional Damages

Your insurance company can help you cover costs in unexpected damages like occurred from overflowing water from the laundry machine, accidentally falling items, breaking glass, to the damage in the sofa and carpet which are caused by you as the tenant. Make sure that these are covered in your insurance policy and you can simply call the insurance company up to have it fixed or restored.




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