1. Protect your personal property from unforeseen events. Don’t think that you’re covered by your landlord’s insurance policy just because he has one. In fact, most landlords’ policies don’t protect tenant’s’ property from unforeseen events, such as fires, floods, or burglaries. In fact, a landlord’s policy usually only covers damage to the building and not your property. The only time your personal property is covered by the landlord is if it was damaged due to negligence on their part, but this can be difficult to prove without an expensive lawyer. Also, note that some landlords may even go as far as requiring you to have renter’s insurance, and failing to do so may result in eviction. Having a rental insurance policy apart from your landlords is the only way to protect yourself from unforeseen events. 2. Renters’ Insurance is liability protection. When people think about renters’ insurance they often think about protecting their own belongings, but what if someone else were to get hurt, injured or die in your home. For example, if you drop some water on the floor and your guest slips and hits their head on the floor, their family could sue you for damages. Renters’ insurance will help pay for court judgments 3. Protection from theft. Burglaries can happen at anytime, in fact, most home break-ins occur during the daylight hours when you are out at work, running errands, or school. The financial and emotional impact of a home robbery can be devastating. One of the biggest benefits of renters’ insurance is that it offers protection from theft by lifting the financial burden of replacing your lost or stolen items. Not only will renters’ insurance replace property stolen inside your home, but some policies even will cover your losses for theft outside the home. For example, if someone were to break into your car and steal your valuables, insurance may cover the loss. 4. It provides Additional Living Expenses if your were to be displaced. You never know what accidents may happen, if a water pipe were to break and flood your home, you may be temporarily displaced. Being displaced while your home is being repaired or fixed can come with a wide range of extra costs. For example, if your home had a washer and dryer, you now may be forced to pay for laundry. Some renters’ insurance policies will cover the costs you need to maintain a comparable standard of living before you were displaced. This usually includes a cap amount of how much the insurance company is willing to pay so it’s important to review your coverage thoroughly to ensure that you are getting the protection you need. 5. Renters’ Insurance is affordable. Easily, one of the best advantages of renter’s insurance is that compared to other insurance policies, it is extremely affordable. Renters’ insurance rates can be as inexpensive as $12 – $20 a month. For just a couple cents a day, you can have peace of mind, knowing you are financially covered from property loss. On top of the cheap rates, you can take advantage of additional savings by bundling your renters’ insurance with other insurance policies within the same company. The Bottom Line: Accidents happen unexpectedly and it’s important to be protected. Don’t put yourself at risk. Renters’ insurance costs very little in comparison to the financial burdens of theft, liability, or property loss. If Murphy’s law happens to strike, you can have peace of mind knowing that your personal belongings are covered. Grindell & Romero Insurance can help you with any questions you have about rental insurance. Give us a call today and speak with one of our experienced agents – 575-524-8531
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