Reasons Why Renters Insurance Is a Must-Have

Onyx Insurance Brokers

Just because you’re a renter doesn’t mean your belongings don’t have as much value as a homeowner’s. Nor does it mean you don’t have to protect them with insurance. There are a lot of things that are beyond your control even if you are within your own space. In any situation, you want to secure your property and belongings. These are reasons why Renters Insurance is a must-have;

It Is Pretty Cheap

Renters insurance won’t break the bank. Many people opt out of the protection, figuring it’s going to cost more than what their valuables are worth. But it turns out renters insurance is pretty cheap. Your actual cost will depend on factors, including how much coverage you need, the type of coverage you choose, the amount of your deductible, and where you live.

It Protects Your Stuff

One of the most basic, and obvious reasons renters should get insurance is because it protects their stuff if it is stolen, damaged, or if there is a fire in the apartment. Most renters insurance policies also cover your belongings from power surges, water damage, and other calamities that were not caused by you. Most of the insurance policies on the market won’t protect you from a flood, earthquake, or some other natural disaster. If you live in an area prone to flooding, there are supplemental insurance policies that can give you more coverage.

When it comes to how much you can insure your belongings for, most insurance companies set limits on how much you’ll get back. You can choose between replacement cost coverage and actual cash value for the personal property coverage portion of the plan. With replacement cost coverage you get the current market value for your damaged or stolen valuables. With actual cash value coverage, it takes into account how old the item is and will often payout less than the market value.

It Protects Your Guests

Accident happens to anyone all the time even within your apartment. Your visitors may slip on a wet floor or get bit by your seemingly adorable and cute dog. Of course, you wouldn’t want any of these to happen.

One way to avoid that from happening, and likely damaging your relationship with your guests, is to get renters insurance coverage. In addition to protecting your valuables, it can safeguard your visitors, too. Most renters policies protect you from liability for any injuries that happen on your rental property and help cover the costs of any legal ramifications.

Your Landlord Might Require It

Your landlord’s insurance covers the structure itself and the grounds, but not your belongings. A growing number of landlords require tenants to purchase their own renter’s insurance policies and they’ll expect to see proof.

This could be the landlord’s idea, or it could be an “order” from the landlord’s insurance company. The idea is that if the tenants are covered themselves, some responsibility can be shifted away from the landlord. If you need assistance finding or obtaining coverage, your landlord may be able to help.

It May Cover Additional Living Expenses

Damage to an apartment from a fire or flood can be extensive in some cases, requiring the tenant to find temporary housing. That can be costly, especially if the only option you have involves staying in a hotel or other location that requires you to pay.

Dealing with the aftermath of a damage-causing event to your home can also be time-consuming, requiring you to take time away from work. All of that costs money that renters insurance can help with. Part of many renters policies is loss of use protection. If the apartment is damaged to an extent where you can’t live there, the insurance policy will cover your living expenses, such as food and housing, during the time you are not allowed in your apartment.

Renters insurance may seem like an added cost, however, damaging belongings and accidents do happen. And if it happens to you and you don’t have the protection, you could be on the hook for a lot of cash. A renters insurance policy can give you loads of peace of mind.

Talk to your insurance provider now, or you may contact or email ONYX Insurance Brokers for more information.


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