In this real estate market, if you’re renting, well, that’s not surprising. With home buying more difficult than ever before, more and more individuals and families are becoming long-term renters. If you’re renting and haven’t secured renters insurance, you’re out of excuses! We’ll give you our top five reasons to get that policy – like, yesterday.
If you think a renters insurance policy is too expensive, think again! For the price of two or three caramel frappuccinos a month, you can have the security of insuring your rental property. Most renters insurance policies are only $10 – $20 per month. For a bit more, you can get replacement-cost coverage, which means you’ll be reimbursed for today’s replacement costs rather than the original purchase price.
Your landlord’s coverage may not be enough.
If you’re relying on your landlord’s insurance, you may need to rethink that tactic. A landlord’s insurance typically only covers structural damage and issues with the building itself. This policy won’t cover your personal possessions. What’s more, your landlord’s insurance possibly excludes problems caused by tenants, meaning you may end up liable.
Your stuff might be covered, too!
If you’re not worried about the security of your possessions because your home or apartment is in a great location or has superb security, consider this: renters insurance often insures your possessions – whether or not they’re in your home! This policy often covers property stolen from your car, or even your suitcase while you’re on vacation.
You’re more likely to keep that deposit.
If you’re not worried about your stuff, maybe you should think about your landlord’s. All of those appliances, carpet, etc., can add up, and if you’re responsible for damages, it will likely come out of your deposit. If those items are covered in your renters insurance, you’re more likely to get that deposit back.
No homeless nights!
In the event that your home needs extensive repairs (or even rebuilding) and you’re unable to stay there, renters insurance often covers your accommodations and expenses while you’re “homeless.” Check with your agent to see what your policy might cover in such an event.
Convinced yet? What’s the best thing renters insurance has done for you?