Some people see renting as inferior to owning a home. The truth is renting can be advantageous at certain points in one’s life.
Also, renting entails hard work just like having your own house. It starts from carefully picking the best home for rent, then the great effort to be cordial with your landlord and other tenants.
Whether you’re in it only for a few years or longer, there’s one thing you shouldn’t miss out on when renting. Securing a renter’s insurance should be one of your priorities.
Reasons Why Renter’s Insurance is a Must
1. Personal Property Coverage
However, what protection do your personal belongings have? Under renter’s insurance, you get to enjoy personal property coverage.
This means that all your valuables including furniture, electronics, and clothing are covered by your policy. In the case of a covered peril, your insurance can help you pay for the repair or replacement of the damaged or lost item.
What others don’t know is that your personal property coverage applies even if it’s outside your residence. If your laptop was stolen while you’re in a coffee shop or during one of your travels, you can still use your insurance to mitigate the cost of replacement.
2. Personal Liability Coverage
Do you have a dog with you in your rented space that resists dog training? You might be in constant fear or worry that it might accidentally bite someone.
Should your furry pet cause an injury to anyone, you can use your personal liability coverage. This part of renter’s insurance can cover medical (or legal) expenses should your dog become eagerly close to a neighbor or stranger and cause them unintentional harm.
Fortunately, your personal liability coverage can help you make amends with the delivery man by ensuring that he’s properly cared for medically. You can do this with confidence without shelling money out of your pockets.
Your personal liability coverage can save you from stress, unexpected expenses, and possible lawsuits. But of course, you should do everything in your power to prevent accidents like this from happening.
3. Guest Medical Coverage
This part of your renter’s insurance is also called medical payment to others. It’s almost synonymous with personal liability coverage but caters to guests in your home.
If you have a visitor and they slipped on your bathroom’s wet tiles, you can do more than assist them in standing up. You can use your policy so that they can have immediate medical attention and see how far the damage is.
You would enjoy hosting parties with the knowledge that you have a backup plan should an untoward incident happens.
4. Additional Living Expenses Coverage
Imagine a tree falling on the roof of your rented place. Sure, a dependable tree removal service can easily dispose of the tree in question.
But, because of the damage, you may be forced out of your home until proper repairs are done. Additional living expenses coverage can help you shoulder the costs of hotel accommodations or alternatives like motels or room rentals.
ALE can also help with restaurant expenses when cooking isn’t possible in your temporary home. Just remember to check with your provider regarding the daily limits of how much you can spend.
With all these coverages that you can use, you should not hesitate to get renter’s insurance. Nothing beats the peace of mind you will have with the knowledge that you’re covered.
Have you used any of these coverages of your renter’s insurance? We would like to hear about your experience.
Your home isn’t the only one that needs protection. You can learn more about other types of insurance here.