Reasons Renters Should Never Forego Renter's Insurance

October 10, 2022

If you're renting out your home and think insurance is just for homeowners, you might want to reconsider. The truth is, renters can benefit from insurance just as much as a homeowner. There are some situations where you can benefit from your landlord's insurance, but in most cases you will need your own. Here are some of the reasons why not getting renters insurance is a risky move.

#1 - The rental company's insurance only covers the structure

Suppose for a moment that you live in an apartment building owned by a large corporation. Then assume that the house catches fire and your home is totaled. The company that owns the building - the landlord, if you will - is insured, but that insurance only covers the structure. This means that the company will be reimbursed for repairing or rebuilding the building, but your personal belongings that were destroyed by the fire will not be covered.

If you have a friend visiting and that friend is injured while he or she is in your home, you may be responsible for paying for the damage. This also applies if the injury was caused by something for which the owner is responsible, such as B. A leaking water heater or a shorted device.

#2 - Your property is valuable

Everything that belongs to you - including things like jewelry, appliances, electronics and other valuable items - is your responsibility. Your landlord's insurance policy doesn't cover these things, so you'll need to get that coverage. Imagine losing everything you own to a fire, tornado, or other disaster and having no way of making up for those losses. This is exactly what could happen if you don't take out insurance.

The best way to get a policy that covers your needs is to have all of your possessions appraised and a portfolio created. It's even better if you can photograph particularly valuable items, including expensive electronics, furniture, and antiques. Then you can decide how much coverage you need and choose a policy that works for your budget.

#3 - Renter's insurance is inexpensive

If you put off buying renters insurance because you think you can't afford it, you may be surprised at just how cheap some of these policies really are. Most renters pay between $20 and $30 a month on average nationally for their coverage. That's because, unlike homeowners insurance policies, which must cover everything, including the structure itself and all liability for injuries, your landlord's policy already covers the structure, and his or her policy may also cover damage occurring in your home buildings outside of your home. You only need to cover your belongings and some potential injuries that might occur in your home.

Renters insurance is meant to cover everything your landlord's insurance doesn't cover, including all your belongings and any injuries that may occur in your rented space. It's incredibly good value making it a fantastic investment that no tenant should be without.

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