5 Reasons Why Renters Insurance is a Must
Did you know that one-third of the US population lives in rental units? All those people, including you if you are a renter, are exposed to a number of risks. Risks that could be easily covered with renters insurance. Still, the majority of the renters are not covered by renters insurance, thus remaining unprotected and exposed to these risk on a daily basis.
There are various renters insurance policies. The type of insurance and its cost depends on the type of property you live in and your personal belongings. If you are still considering whether you should invest in renters insurance, stay awhile as we list the reasons why renters insurance is a must.
Personal Injuries
Personal injuries sustained indoors are very common and the majority of them cannot be labeled as circumstance nor attributed to renter’s carelessness. Since landlords can choose whether they want to require a renter’s insurance from their tenants, it’s up to renters to protect themselves.
The list of personal injuries for which landlords can be held accountable is quite long. But the most common ones are the result of blocked emergency exits, uneven staircases, lack of working fire alarms and fire extinguishing devices, lack of ice and snow removal, and poor lighting.
This is why it is in the best interest of the renters to invest in renters insurance and cover the expenses of personal injuries. This is very practical, as the insurance company will pay for the medical bills and expenses, while proving the landlord’s liability in the court of law may take significantly more time.
It Doesn’t Cost Much But Could Mean Everything
Another reason that we have added on our list is the renter’s insurance price. If you didn’t know, a renters insurance policy costs less than a cappuccino. And most people have a couple of those each day. We can address this aspect of the “problem” from the consumer point of view.
Let’s take a look at renters insurance policy as a product. In most cases, a consumer wants to check whether the specific product packs enough value for the price tag on it. Considering that the renter’s insurance policy can be customized to cover all sorts of the expenses, and its price, it is safe to say that it is an investment that can hurt a budget but brings significant ROI to the table.
Fire Hazards
Did you know that certain occurrences that result in a fire are not covered by landlords? For instance, if a fire is a result of electrical issues, you can easily end up having to cover all the damage and the repair bills. And those bills can easily pile up if another part of the building gets damaged by the fire.
Renters insurance is there to protect your finances if there is a fire hazard in your building. Depending on which policy you’ve chosen, you will get compensated not only for the stuff you lost in the fire but also get coverage for the repair bills.
The more expensive policies will also cover the damage that occurs to other apartments in the building. That is if the fire that started in your unit has spread to other units.
Water Hazards
Fire is not the only thing that can lead to you causing unintentional damage. Water is another common culprit in numerous scenarios. For instance, overflowing from either your bathtub or sink can occur even when you are not at home due to the faulty pipes or valves.
The water can cause major damage to the floors, but it can also damage the units directly below you. A renters insurance policy can help you cover the repair and restoration expenses, and protect you from going bankrupt in these hard times.
Being a Victim of a Crime
Crimes are also on the list of things that are your liabilities. What does this mean? If your unit gets mugged and your valuable belongings get stolen, you are responsible for it. You will have to pay right from your own pocket to get the new items from the store. That is if you don’t have a renters insurance policy.
If you live in a sketchy neighborhood, you have to do all in your power to protect your property. Renters insurance is just another handy thing that can help you do so. If your unit gets broken into while you are covered by this insurance, you will get compensated for the damages caused to your property and the items that got stolen.
Hopefully, this list of reasons is more than enough for you to make an informed decision. If there is one thing about life that we know for a fact, it’s that nobody can really know what could happen next. Renters insurance will prepare you for unforeseen circumstances and help ease your financial worries should anything happen.