Why Renters Insurance is Essential: 6 Reasons You Can’t Afford to Skip

Renters insurance covers many other things besides the items in your rented property. If something uneventful happens, you must replace all your possessions, including your apparel, laptop, phone, furniture, and other valuables. The whole process will be overly expensive. Having renters insurance will save you grace in such situations.

Here are 6 reasons you should take advantage of renters insurance at any cost.

  1. The Landlord’s Insurance Might Not Cover You

    The landlord’s insurance policy covers the building structure but does not cover the tenant’s personal belongings. Renters insurance covers the belongings of the tenant right, from clothes, electronic goods, and furniture to other valuables. Even if you accidentally damage a neighbor’s apartment, the renters insurance will cover you. This insurance also pays for legal expenses and damages if you are sued for damaging others’ properties or injuring someone by mistake.

  2. You Have More Valuables Than You Think

    Most tenants think that they need more valuables worth protecting. Do this simple test. Open all the drawers, closets, and your wardrobe, and make an inventory of the things you have. Once you calculate the value of the so-called ‘general’ items, you will understand why it is essential to protect them. Replacing all these items will be an enormous expense. Having renters insurance is a cheaper alternative!

  3. Renters Insurance Pays for Housing After a Disaster

    In case of extensive water damage or fire breakout, you should move out of your rented apartment and stay at a hotel till the place is repaired. Renters insurance pays for your hotel bills and other expenses related to living away from your home in such a situation.

  4. It Protects Your Finances

    A renters insurance policy protects your finances if you are sued for some reason. This coverage is handy if a guest slips and falls in your apartment, your dog bites someone, or your child breaks something valuable at a friend’s place. You can pay for the damages and medical costs without breaking the bank.

  5. It Offers Coverage for Belongings Away from Home

    Some renters insurance policies cover belongings even when not in your home. For instance, this policy will provide coverage if you lose your phone or have your laptop swiped at the station. Items in the storage unit are also covered in this policy.

  6. Expenses of a Renters Insurance Policy Are Less Than Expected

    People think that renters insurance policy is overly expensive and ignore them. The renters insurance costs $173 annually, making it $14 monthly. This policy can be bundled with an auto insurance policy, further reducing costs.

Final Thoughts!

Choosing the right insurance company is mandatory when looking for renters insurance. Action Insurance Group offers renters insurance policies and hosts other commercial and personal insurance policies. Check out our website for further details.

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