You’ve got married and have your own family now. You’re trying to stand on your own feet and write your own destiny. Consequently, you have moved out of the home of your parents as you don’t like to be a burden and rented a house in the downtown.
Your footing is still in the past if you’ve not availed a renters insurance or thought about it. Perhaps, you’re among those two-thirds of renters in the U.S. who don't have renters insurance and believe that taking out renters insurance is unnecessary or too expensive. Perhaps, you too, like the rest, believe that your landlord’s insurance will cover you in the event of a loss.
Unfortunately, your landlord’s insurance will only cover his or her belongings and not yours. Here are things that can happen to you if you don’t have renters insurance:
You could lose your valuable stuff
Here is a situation to make you understand how you can lose your valuable items if you don’t have renters insurance. Suppose you’ve rented a condo in the 1st floor of an apartment building. One day you get a call from your building manager while you’re at office and comes to know that a washer hose ruptured in the apartment above you. When you rush back, you see that your condo is under 5 inches of standing water and most of your items, like your big-screen LED TV, stereo system, furniture, and computer are lost. A typical insurance policy would help cover for the lost items. Usually referred to as contents coverage, you would get coverage for everything you owned or used. However, this is subject to certain coverage restrictions and differs from one policy to another and company to company. Apart from the reason stated in the aforesaid situation, you won’t get back your contents damaged due to perils such as fire, or lightning, windstorm or hail, and vandalism or theft, if you don’t.You might get sued
Though we can never think of getting sued by someone who we call a friend, it’s better to get a liability coverage to protect yourself in case you’re sued over an injury or mishap that your friend suffer while at your home. If your dog bites your friend, or his/her laptop gets stolen from your home, your renters insurance will pay for the legal fees and any payouts if you’re sued for such incidents. If you have liability coverage, you need not think about any bodily injury or property damages since these are covered occurrences for which the insurance carrier is legally liable to pay. You’ll get coverage to your place, contents, as well as for any personal activities like owning a pet. The most interesting thing about liability coverage is it protects you wherever you go, even if you are on a trip across the globe. This is another reason why a renters policy is great for anyone renting in. For about the price of a chicken pizza each month, renters insurance can protect your personal belongings and save you from expenses due to legal or medical issues arising from an accident in your home. Indeed, $25 a month is a very small price for complete peace of your mind.Blog Category