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The Benefits of Renters’ Insurance for Tenants

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Moving into a new property can mean a lot of changes all at once. It can be a big decision, and any big decision deserves to be handled with all necessary precautions. In the face of change, you should be prepared to deal with the unexpected. Life can be unpredictable, but insurance gives you room to breathe and rest assured in case the worst happens.

Your landlord likely already has some form of insurance on the property, but renters’ insurance is more focused on benefitting you. Let’s take a look at why renters’ insurance can help protect you and your belongings in the long run and why it is consequently more than worth having.

Cover Your Personal Belongings

Landlord’s insurance may cover damage to the property itself, but what about your personal possessions that you fill the space with? Items like clothes, furniture, and electronics are covered by renters’ insurance in case of any perils. These include both natural perils, like an accident, a fire, or damage during severe inclement weather, and also things like theft or vandalism. Insurance can cover either repairs of your broken possessions or an altogether replacement of them. 

While there is generally a limit of 10% of personal property damaged outside of your home, it is still best to have a safety net in place when you are confronted by disaster. Any reimbursement lessens the impact of a worst-case scenario and can save you money in the long run.

Protection from Liability

We have gone over how renters’ insurance protects your possessions, but liability insurance can help protect you in case of a lawsuit. If something happens on your property that leads to somebody being injured, liability insurance can potentially save you a huge amount of money—sometimes thousands of dollars—in case you are sued. 

Liability insurance has particular limits that you should consider, however. For instance, a car accident on your property may fall more in line with the responsibilities and coverage considerations of your car insurance. Another common issue—a dog bite—may be limited or restricted by your insurance. It’s important to do research into what the reaches of your particular insurance policy are.

Additional Living Expenses in Case of Disaster

When it comes to being prepared for the worst, this benefit is very significant. If the property that you are renting is impacted by a disaster to the point where it is unlivable, renters’ insurance generally covers expenses for considerations like meals or the expenses of temporary relocation while the issue is dealt with. 

You would fill out an additional living expenses worksheet that leads to reimbursement for your expenses up to the limit that your coverage allows.

Low, Affordable Cost

When you move into a new property, you are already dealing with a lot of expenses. On top of the first month’s rent and likely a security deposit, you may be worried that paying for insurance is something that you can’t afford right now. Fortunately, however, renters’ insurance is very affordable when compared to the expense of rent or other amenities. Plans are generally around $8-15 a month.

It is important to keep in mind that different plans will cover different concerns to different degrees, so be sure to consider what benefits of insurance are most important to you. Plans with more extensive coverage are bound to be more expensive, but they will remain affordable and will never become a financial burden. 

Conclusion

Rather than scrambling and reacting to potential unpredictable issues, purchasing renters’ insurance gives you the confidence and peace of mind that you, your personal property, and your liability are covered in the face of a disaster. At such an affordable price, the question of whether or not to get it is already easy. Although, considering the thousands of dollars that it might lead you to save down the line, renters’ insurance goes from being a good deal to a huge benefit for you.

In fact, it’s a good sign when a landlord requires renters’ insurance, because they recognize the benefits that it has for both their tenants and their rental business. However, even if they do not require it, this article should make it clear why it is still a good idea to take steps to protect yourself at an affordable price. 

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