Family

Why Should You Purchase Renter’s Insurance

Why Should You Purchase Renter’s Insurance

If you live in a rented home or apartment, an insurance policy is important to protect your belongings from various events and accidents. It also protects you from liability arising from a visitor meeting with an accident on your premises. Unfortunately, even though more than 35% of all housing units are occupied by renters, most of them don’t buy renter’s insurance, according to the Rental Housing Journal. Some of the top reasons for purchasing renter’s insurance:

Your Personal Property Is Covered 

The principal benefit of renter’s insurance is the protection of your personal property against damage or loss. Personal property includes furniture, clothes, electronic goods, computers, jewelry, and luggage. Typically, the policy will cover damage or loss of belongings caused by aircraft, vehicles, falling objects, explosions, fire, smoke, lightning, volcanic activity, ice, snow, windstorm, vandalism, and theft. The policy will also cover damage due to household appliances, air HVAC, plumbing, or fire sprinkler systems. However, losses from earthquakes, floods, and hurricanes in storm-prone regions are not covered in standard policies, and you will need to include a rider at an additional cost. Also, the policy does not cover losses caused intentionally or because of your negligence.

Provides Liability Coverage

The renter can be sued for personal injury if someone visiting his home or apartment suffers an accidental injury. Renters insurance from Miller Hanover Insurance protects you from the resulting liability. It pays not only for the court award but also for legal expenses up to the policy’s limit. You may likely need to pay a compulsory deductible before the insurance liability kicks in. By paying extra, you can raise the liability coverage.

May Be Required By the Landlord 

Many renters mistakenly assume that they are covered by their landlord’s insurance. However, since it does not include the renter’s belongings, it can lead to troublesome disputes. Accordingly, many landlords insist that their tenants buy renter’s insurance. Also, the landlord’s insurance company may mandate the purchase to shift some of the responsibility away from the landlord.

Covers Belonging Even During Travel

When you buy renter’s insurance, your personal belongings are covered against damage, loss, and theft regardless of where you are. For example, your wedding ring is covered if you lose it when traveling or it is stolen from your home when you are away. It is, however, a good idea to read the fine print of your policy to know the extent of your coverage.

Reimbursement of Additional Living Expenses

You may be eligible for additional living expenses if you can no longer reside in your rented home or apartment because of any event or cause covered by your insurance policy. The insurance company will pay you for the expenses incurred on hotel accommodation, food, and other personal expenses, subject to a limit of the amount and the number of days.

Conclusion 

Even though the premium of a renter’s insurance policy depends on the kind and extent of coverage, the amount of the deductible, and your location, it is surprisingly affordable. Given the scope of the coverage of the policy, it is an eminently sensible purchase.

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