If you’re looking to rent an apartment or a house it’s important to consider securing yourself renters insurance. Your landlord likely has property insurance on the building. This protects the physical building from any damage. So, if a fire occurred in the building or house, the physical structure is safe and covered. However, all your belongings are at risk. Without some sort of protection, you are responsible for replacing all the items. Renters insurance is a great way to keep your items safe and protected. Here are six reasons why you need a renters insurance policy.
1. It’s Budget Friendly
Most people assume renters insurance is going to empty their wallets. This isn’t the case at all. The average cost in PA is around $14 per month or $165 per year. When it comes to determining the actual cost you’ll pay, it’s dependent on different factors. This includes the amount of coverage you need or the amount of your deductible based on where you live. Overall, renters insurance is super affordable
2. Liability Coverage
Liability coverage is included in most standard renters insurance policies. To clarify, this is protection if anyone visiting the property became injured. This will pay medical payments and legal fees, up to the policy limit. Typically, most policies cover at $100,000 liability coverage. For medical expenses, it’s between $1,000 and $5,000. If you would need more coverage beyond the limit. Umbrella insurance can provide additional protection.
3. It Covers Your Belongings
As mentioned earlier, renters insurance protects your possessions. This includes clothes, jewelry, electronics, furniture, etc. Renters insurance protects against quite a bit of misfortune situations. These situations include:
- Falling objects
- Fire or lightning
- Windstorm or hail
- Weight of snow, ice, or sleet
- Damage from water from internal appliances such as heaters, sprinklers, plumbing, etc.
It’s important to note that most standard renters insurance doesn’t cover floods or earthquakes. An additional policy is typically needed for these instances. It’s always a smart idea to reach out to your insurance agent for additional coverage.
4. It Protects Your Belongings When Traveling
You don’t need to be at home when an incident occurs for renters insurance to be effective. It doesn’t matter if you are at work, driving, or away on a vacation you are covered.
5. It Can Cover Additional Living Expenses
If your home or apartment becomes uninhabitable due to an unforeseen incident, your policy might cover these additional expenses. This means the cost of living somewhere else temporarily won’t be a worry for you. Other costs associated with living in a different place are covered too. It’s always a good idea to check with your agent to see what your policy covers.
6. Landlords Do Require It
It’s important to know that many states do not have a law requiring renters insurance, however, many landlords require this protection to sign their lease These landlords will want to see proof of coverage. This is done to shift some responsibilities away from in the event of an accident.