Just because you’re renting a home, it does not mean that you don’t have to apply for home renters insurance. Don’t assume that your landlord already has your properties covered. It is not your landlord’s responsibility to get you insurance.
Your unit is insured but your properties aren’t. So if you lose your belongings in a natural disaster or a burglar entered your unit or the town house you’re staying in, you will have to pay for the replacements yourself.
Since you invested your money in your personal property, you have to protect these. Even if you’re just a renter, you can still experience loss because of something you cannot control.
What if the unit you are renting gets burned down? What if a burglary entered and stole your jewelry?
Concerning the home renters insurance, you have to be mindful of the liability insurance as well. Here is a situation. You have your friend over at your place. Then he clumsily trips because his shoelaces are untied.
He falls down his stairs and breaks his arm. Realistically, you can be sued for that, even if it’s not your fault. The mere fact that the accident took place in your place is reason enough for you to be held responsible.
If he sues you, fighting that case can cost you hundreds to thousands of dollars. At least with the home renters insurance, your insurance policy can help you foot the bill. There are situations when the insurance can foot the entire legal bill.
The home renters insurance must state the Renters Policy which protects the personal belongings of the client. The same conditions of owning a home applies. For you to be more informed on the conditions of the home renters insurance, you can talk to an agent. You can ask him what level of coverage works best for your lifestyle and your budget.
Generally, home renters insurance covers personal property protection and family liability protection. It also covers the medical costs of the visitors who are injured in your home.
The home renters insurance will also take care of your expenses if ever you find yourself in need of temporary housing because of reconstruction.
It is up to you to choose which coverage you would want to sign up for. Every insurance company has different plans to offer and you must decide wisely. An investment is one of the biggest decisions you could ever make in your life.
This means you are allotting money for your properties. Having home renters insurance is also a good record on your credit history.