Why Do You Need Renter Insurance?

If you are renting an apartment, condo, or home, you may be wondering if you need to get renter's insurance. After all, your landlord's insurance covers the building itself, so why would you need your policy?

The answer is that renter's insurance protects your personal belongings from damage or theft, which your landlord's insurance does not do. Also, it provides liability coverage if somebody is injured while on your property.

In this post, we'll take a look at the reasons why you need renter's insurance.

What is Renter's Insurance?

Renters insurance in Corpus Christi is a type of property insurance that protects your personal belongings, liabilities, and even allowed living costs if your house is destroyed beyond repair. Additionally, renters insurance covers any liability claims, including injuries caused on the premises, as long as they are not resulting from a structural problem with the property. In that scenario, the homeowner's insurance would apply, not the renter's.

Why Is It Necessary?

For others, obtaining a policy is a no-brainer. For them, the prospective advantages prove it's worth taking an approach. However, not many are needed when it comes to convincing other renters. We saw this in the low number of renters who had insurance coverage. If you're still on the fence about whether or not you need a policy, consider the following reasons:

Affordability

Renters' insurance is usually very inexpensive. Renters' insurance costs an average of $15 per month or around $180 per year. With renters insurance's protection, peace of mind, and low price, you can't afford to be without it.

Your Landlord's Insurance Covers Them, Not You

Your landlord's insurance does not cover your property; it only protects the money they invested in it, usually your home or apartment rental. Your renters' insurance policy covers the actual property but doesn't cover any of your personal belongings inside. Plenty of people take the value of their items for granted, but it's critical to assess what they're worth and how you'd cope if you lost them all in an accident.

Renters Insurance covers your Personal Belongings

When you think about valuable items in your home, jewelry and electronics may come to mind first. But many other things have sentimental or actual value that is often overlooked. For example, how much would it cost to replace if you had a fire and lost all of your clothes?

Renters' insurance in Beaumont covers the contents of your home, including clothing, furniture, appliances, electronics, and more. It also covers you if your belongings are stolen, whether from home or while away.

Liability Coverage

You may believe that only commercial enterprises need liability insurance, but you'd be wise to have it as a renter. Liability coverage protects you if someone visiting your unit is hurt and decides to sue. This might seem unlikely, but accidents happen all the time, and you could be held responsible, even if the injury wasn't your fault.

If you have roommates, it's essential to have liability coverage because your landlord's insurance doesn't cover their belongings, and they may not have renters' insurance themselves. That means they could come after you for damages if they get injured.

Renters' insurance in El Paso also pays for your legal defense if you're sued, up to your policy's limit. It can even cover damages if you're liable but cannot pay the judgment.

Renters Insurance Covers Your Living Costs

If your home is ruined by a covered event, such as a fire, you'll need a place to stay while it's being repaired or rebuilt. This can be expensive, especially if you stay in a hotel.

If you have renters' insurance, your policy will pay for your temporary living expenses up to a specific limit. This coverage is called loss of use or additional living expenses.

Read here to know about renters' insurance costs.

Who Is The Best Candidate for Renters Insurance?

Simply stated, anyone who rents! Whether you're a college student living off-campus or a first-time renter with little belongings, renters insurance is still well worth the $15 monthly cost.

Even if your landlord doesn't need renters insurance or you believe you'll ever need it, it's worth learning more about various plans and levels of coverage so that you can be sure you're making the best decision for your specific circumstances.

In Conclusion

Whether you're a student, a first-time renter, or have been renting for years. You need renters insurance. It's affordable and gives you peace of mind knowing that your belongings are protected. In addition, liability coverage will pay for your legal defense and any damages you may be held responsible for in the event of an accident. And if your home is uninhabitable due to a covered event, your policy will pay for your temporary living expenses.

There is no reason not to have renters insurance, so ask your insurance provider about coverage options today.