The primary reason why tenants need to get a renter’s insurance is to protect their properties. Insurance policies only cover the building you are renting and payable only to your landlord, whether it a small apartment, a house, or a duplex. That is why you need a renter’s insurance that will help you cover your belongings in case there is an unexpected disaster. You may be thinking about why a tenant needs to have a renter’s insurance. The reason is that a lot of people are not aware that the landlord’s policy does not cover them. However, let’s look at six good reasons why you should get renter’s insurance coverage and the best place to get them.
Affordability: according to the national association of insurance commission, the average insurance price for properties is $187 yearly as far back as 2013. Note that some factors will determine if it will be more than that or not. More so, where you live will also determine the amount you will have to pay for covering your properties.
Cover personal property: it helps protect private properties in case of damage or loss. It’s a kind of insurance that covers belongings like jewelry, luggage, computers, furniture, and electronics.
Landlord’s request: now it’s not news that the landlord’s policy only covers the building and not the belongings inside the building. Most landlords nowadays request that their tenants get an insurance policy so there won’t be arguments in case there are issues. They go as far as asking for evidence before a tenant packs in; that is why you must get one if you are yet to own a house.
Provides liability coverage: in every renter’s policy, there must be liability coverage and explained to a person who wants to take coverage. Liability coverage covers an unexpected accident when someone living in the house or a visitor has an accident within or in the building’s environment, which is another reason a tenant must take a renter’s coverage.
Travel assurance: this kind of insurance helps you cover your belongings in case you travel or because of theft and so on. For better details, you can check your policy or ask your agent for a better understanding.
Covers additional living expenses: some situations can make your home not habitable anymore, your insurance policy will help you cover such extra costs. This policy will include covering the costs of where you temporarily moved to, feeding, and some unexpected expenses.
Renter’s insurance policy is an excellent idea. It gives you your desired rest of mind in as much as you are ready and able to meet up with the required terms and conditions associated with it. However, be sure you understand everything included in the policy so you will not be left wondering in case the unexpected happens.
If you are confused and looking for a reliable insurance company that will give you details of a good renter’s policy, do not hesitate to contact Lemonade renters’ insurance.