Are you worried that a natural calamity like a hurricane or tornado could destroy the rental house you are staying in?
This is certainly a valid cause for concern. But thankfully, should a natural calamity occur, your landlord’s property insurance will take care of any structural damages. There is a catch though. Who will pay for the damage caused to the belongings inside the house?
Well, the answer might surprise you. The person responsible for damage to any content inside the house is always the tenant who occupies the space. No matter what the cause for the damage is. Sometimes, burglary or vandalism can also put you in serious trouble.
Here are five reasons why you need renter’s insurance.
1. It covers you in case of injuries or accidents within the rented property.
Renter’s insurance provides total coverage if you happen to get injured anywhere within your home premise. Such injuries are especially common with elderly people, if they slip or fall from the stairs, your renter’s insurance will pay for the hospital expenses. Renter’s insurance also covers accidents like dog bites. For instance, if a visitor present within your property gets bitten by your dog, you don’t have to worry about paying their medical bills.
2. You don’t have control over what your neighbors do
When you rent a home, it’s very rare for you to know every person in the neighborhood or in your apartment building. So, what if your neighbor damages your property while in the state of being drunk, or his/her dog enters your home and hurts someone? Any such damage is covered by the renter’s insurance making it all the more important to have.
3. Most landlords require renter’s insurance
While some landlords are lenient on this, most of them will require you to obtain renters insurance before securing their rental property. Many landlords have had to deal with situations in which their tenants were robbed or were injured in their homes. So, for their protection as well as yours, most landlords make it mandatory for tenants to immediately apply for renter’s insurance.
4. There is always a chance of your home catching fire due to unexplained reasons
Here is a shocking statistic from the National Fire Protection Association. The U.S. fire departments respond to an average of one home fire every 88 seconds. You can go ahead and calculate the chances of your rented home being one of them. It’s nearly impossible to prevent fires. So, why not be prepared by having a renter’s insurance?
5. It’s not expensive to get a Renter’s Insurance
Unlike some other types of insurance, renter’s insurance can be very affordable depending upon your area code. For just $100-$250 a year, you can protect yourself and your family from a lawsuit or hospital fees through renter’s insurance. Forget worrying about losing your entire paycheck to replacing your belongings or an appliance in your house. Apply for renter’s insurance and have peace of mind in your home.
The above-mentioned information is based on the popular renter’s insurance companies like State Farm and Allstate. Every renter’s insurance company has its own specific policies which you need to go through before buying it.