Landlords need to obtain the appropriate insurance coverage for their rental properties. However, this insurance only covers the landlord’s interests, not those of their tenant. It is equally important for tenants to obtain the appropriate renters insurance to protect themselves and their property. There are many reasons that those who rent a property should obtain renters insurance. Understanding these reasons can help tenants to protect themselves. Here are the top 10 reasons to get renters insurance.
1. Liability Coverage
Renters insurance can help protect guests that you invite to your home. If someone becomes injured in your home, you may become liable for medical expenses. Liability coverage will pay these costs, as well as legal fees that may arise.
2. Temporary Lodging Expenses
Landlord insurance will cover the loss of rent to the landlord, but it won’t cover the temporary living arrangements for tenants. Renters insurance will cover the cost of a hotel or other temporary arrangements.
3. Protect Personal Property
Renters insurance will help to cover the personal property of the renter. This is vital to ensure that a tenant’s life can’t be devastated due to damage to their rental property.
4. Renters Insurance is Affordable
It can be incredibly expensive to replace all of your belongings. Renters insurance is a cost-effective way to prevent this from happening.
5. Extended Property Coverage
Renters insurance may also cover property that you take outside of your home. For example, if you leave your laptop in your car and it gets stolen, renters insurance may cover the costs of replacing your laptop.
6. Fires
This kind of insurance helps to offset property damage expenses that are incurred by a fire within the home.
7. Theft
When personal property is stolen, renters insurance can help to pay to replace the property.
8. Vandalism
Vandalism can cause significant amounts of damage to the property of a tenant. Renters insurance can help to repair or replace these costs.
9. Frozen Pipes
Frozen pipes result in serious damage to a building, as well as the property within that building. These costs can be covered by renters insurance.
10. Falling Objects
Many different falling objects can damage a building. In many of these cases, damage will also occur to the personal property of the tenant. Renters insurance can help to repair or replace the tenant’s personal property.
To learn more about the many reasons tenants should obtain renters insurance, contact us at the Keyrenter in Merrimack today!