Are you worried that a natural calamity like a hurricane or tornado could destroy the rented house you are staying in?
This is a valid cause for concern but in such a case your landlord’s property insurance will take care of the structural damages caused by such a natural calamity. You are not responsible for the structural damages.
There is a catch though. Who will pay for the damage caused to the belongings inside the house?
Well, the answer will 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 also provides total cover if you happen to get injured anywhere within your home premise. Such injuries are very common with elderly people. If they slip or fall from the stairs, you renter’s insurance will pay for the hospital expenses. Moreover, it also covers accidents like dog bites. For instance, if a visitor present within your property gets bit 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. What if your neighbor damages your property while in the state of being drunk. Or his/her dog bits enters your home and hurts someone close to you. Any such damage is covered by the renter’s insurance. And this is why you need it.
3. Most landlord demand a renter’s insurance
Not every landlord is lenient. Some landlords have faced a situation where their tenants got robbed and suffered heavy losses. For your own good, they make it mandatory for tenants to immediately apply for a renter’ 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 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
Renter’s insurance is not like any other insurance. It’s very cheap and depending on your area code, you can get it by paying a fee between $100-$250 per year. Imagine the loss you might suffer in case of robbery or if someone sues you because your dog bit them within your premise. You may even lose your paycheck.
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.