If you are renting property you might be wondering if you should get renters insurance. Although renters insurance is not required by many landlords, it is still a good idea for anyone who is renting, even if it is only for a short amount of time. Here are a couple reasons why should have renters insurance.
1. Problems With The Apartment That Require Temporary Housing
Many people do not know that a renter's insurance policy can help you pay for temporary housing on the off chance that there is a problem with the apartment. For example, say there mold in the apartment and you couldn't live there. You are still under contract for the apartment, but it could take a couple weeks to fix the problem. In this case you could access you renters insurance policy and they could help you pay for a temporary residence until your apartment is safe to live in again.
If you don't have renters insurance these kinds of expenses could come out of your own pocket. This is in addition to still paying rent. For some people these kinds of expenses might be impossible to bear.
2. Protect You From The Expenses For A Lawsuit
Another reason that you should have renters insurance is to help pay for lawsuits. No one expects someone to sue them for an accident, but this kind of thing happens all the time. Assume that something were to happen on your property, even though you don't own it. If you caused the accident, even passively, like you didn't shovel the snow off the driveway and someone slipped and fell, they could sue you.
In this case your renters insurance policy could help to pay for the lawsuit. This could be life-saving for your finances.
3. Protect Your Personal Belongings
Although your landlord may have insurance that covers their property their policy doesn't cover your belongings. For instance, if there was a flood in the house and your computer was damaged, your landlord could access their policy to pay for damage to the house, but this would not cover you. When you buy renters insurance the company will insure all of your personal belongings, so that if the house is vandalized or if there is a natural disaster you can at least get the money for your things.
These are just a couple of the many reasons that you should have renters insurance. Contact The Flechsig Insurance Agency Inc for more information.Share