Renters insurance, also known as tenants insurance, helps to protect you and your belongings as a renter. Even though there are many benefits to having this coverage, many renters choose to go without insurance. So why are renters not purchasing insurance? For many, they simply don’t know that this type of policy exists and what the benefits are. Other people believe that nothing bad will happen to them, and that insurance is a waste of money. Read on to learn the three main reasons why renters insurance is a good idea to have.
It Insures your Belongings
If you are the victim of theft, fire, flood, etc. your renters insurance will cover all your physical belongings. Everything from furniture and TVs, to smaller items like pots, pans and clothes. Most people don’t have enough money to replenish all of your belongings. For this reason alone, renters insurance is a great investment.
It Covers The ‘Extra’ Costs After A Loss
Place yourself in the following example: there was a major fire in your condo building, and your unit is going to be unlivable for three months while the contractors repair it. Where do you go? The good news is that if you have renters insurance, it will cover any necessary expenses while your home is being repaired. This includes hotels, meals and even moving expenses. These are grouped under what is called ‘additional living expenses’, and can give you peace of mind in what’s already bound to be a stressful time.
It Protects You In The Event Of A Lawsuit
If you find yourself facing a lawsuit due to an injury on your property, your renters insurance will take care of any legal fees and even settlements, if applicable. A lawsuit can easily run up thousands of dollars in legal fees, and that’s even before a settlement is agreed upon! Don’t get caught being unprepared.
Did We Convince You?
Renters insurance can give you piece of mind knowing that you and your assets are protected. It’s the type of thing where you hope you never have to use it, but if you do, you can rest easy knowing that you’re covered. Coverage plans cost on average, about $20 a month. While people may think that it’s a waste of money, when you consider the potential damage it protects you from the decision becomes a a no-brainer. Whether you’re a landlord looking to gather information for your renter, or a renter looking to get coverage, contact the team at Capital Insurance Brokers. We’re happy to answer any questions you might have.
