The Importance of Insurance

4 Strong Benefits Of Securing Renter's Insurance

6 October 2021

Katrina Terry

If you rent a property, you need to protect yourself with renter's insurance. Renter's insurance is about protecting your belongings and interest and is something you need regardless of if your landlord has property insurance, as these cover two different things.

Benefit #1: Affordable

One of the top reasons to carry renter's insurance is because it is affordable. It generally only costs a couple of hundred dollars for a full year of coverage, adding up to a small amount per month to provide yourself with protection. Your actual premium will vary based on where you live, how much coverage you need, what type of coverage you select, and the size of your deductible.

Benefit #2: Personal Property Protection

All of the belongings inside of your rental home are yours. They do not belong to your landlord and are not covered by your landlord's homeowner's insurance policy. A renter's insurance policy is designed to protect all your personal property, including your clothing, kitchen items, electronics, computers, and furniture: all of the stuff you bring with you and all you take with you when you leave.

If your items are damaged by a covered peril, such as smoke, hail, fire, or vandalism, you will be compensated and will get the money to replace all your personal items. If you value your stuff and couldn't replace them right now, you will want to protect your stuff for a small amount each month.

Benefit #3: Liability Protection

Third, renter's insurance is a great way to secure liability protection. If someone is injured at your home and decides to sue you in court, liability protection will cover your legal expenses and settlement, up to your coverage limit. This is a great way to protect your personal assets for a small amount each month.

Benefit #4: Cover Living Expenses

If something happens so that you can't live in your rental property, such as water damage or a fire, your insurance will give you money to live somewhere else while your rental is getting repaired or until you can secure a new rental. This can really help you out if you find yourself unable to live in your rental property.

If you live in a rental, you should secure rental insurance, which will only cost a few hundred dollars per year and will provide you with personal property protection and liability protection and will cover living expenses if you can't live in your rental for any reason.

For more information, contact a renter's insurance agency like Woodmansee Insurance Inc.

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