Why do you need renters insurance?
The California Leasing experts get this question all the time. The fact is that renters insurance is much more valuable then one might think. And, while most of the time it’s never necessary and that’s fantastic, don’t take good fortune for granted and always make certain that you’re protecting yourself no matter where you live or what kind of coverage that the owner of the property might have, it’s important to know why you should have renters insurance.
Reason #1: Renters Insurance is Affordable
Often times renters assume that the price of renters insurance is costly, and is unnecessary if homeowners have their own homeownership protection plan. In fact, to protect your belongings in case of theft or accident $15-$30 a month, depending on the coverage is minimal in comparison to the potential for loss. While you may never need your renters insurance, and being a tenant could most certainly be nothing but smooth sailing, many landlords and property management companies require renters insurance. And, it’s definitely an affordable requirement in case of unforeseen issues!
Reason #2: Homeowners Insurance Does NOT Cover Your Stuff
It’s a common misconception that renters don’t need renters insurance because their landlord likely has their own policy. Well, while they likely do have their own policy, this policy covers the structure itself and not the residents possessions that are make the house a home. Another item to think about it terms of renters insurance is how it can help cover uninsured residents that might cause damage to the rental home accidentally, like a BBQ fire for example. The homeowners insurance, might seek compensation for the damage the property from the fire, and the liability terms of a renters insurance policy could help to cover that expense.
Reason #3: Your Stuff is Valuable, it really is!
Even if you don’t have antique China place settings, top dollar Apple iMac or the newest in Smart TV technology; the items in your home a valuable and in case of accident or issues they will cost money to replace. It’s not unusual for renters to undervalue their household items, like dish ware, bedding or clothing and renters insurance can assist with offsetting the thousands of dollars it might cost to help get your home back to normal after a natural disaster or fire.
It’s a Win-Win Situation for Everyone
The value of owning a renters insurance policy, is enormous and it takes one event to remind you about the value it can bring after a theft, fire, accident or natural disaster. It’s a simple as checking with your automobile insurance provider, and finding out what they have to offer and knowing the amount of insurance required by your landlord or property management company. It’s a Win-Win for everyone, and while you might not need to call on their assistance, it’s solid peace of mind for the future!