Required renters insurance: As a renter, your most valuable asset is not the apartment but your lease. If something catastrophic happens and you can’t live in your apartment anymore, what will you lose? Your lease! Your property is only covered by your landlord’s insurance if there’s a natural disaster or another type of disaster that is specifically listed as covered under their policy. In other words, unless the damage to your property was caused by one of those events, you will not be fully covered. This means that without renters insurance, you could potentially be exposed to significant financial risk if a fire or some other catastrophe destroyed your living space.
Whether you are renting a house or an apartment, you need to get renters insurance—and here are 3 reasons why:
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3 Reasons You Need Renters Insurance
When you first started renting a place, it probably seemed like a pretty minor detail. After all, you’ll be in this apartment for only a year; what could go wrong? Well, as it turns out, quite a lot. Even if you’re responsible and take good care of your things, renting comes with its fair share of risks – from the boiler breaking to natural disasters like floods or fires. And when something does go wrong, standard landlord-and-tenant laws won’t protect you from any potential losses. That’s where renters insurance comes in. In this blog post we will look at 3 reasons why you need renters insurance and see how much it costs to rent an apartment in various cities across the world.
You’ll be held financially liable if there’s a loss
Renters insurance covers your liability in case of a loss, no matter who’s responsible. With normal homeowners insurance, you’re only covered if the damage or loss was caused by an accident or negligence on your part. Many landlords require you to have renters insurance before they’ll sign a lease, so if you don’t have it and something does happen, you’re on the hook for the repairs. If you cause a fire and your apartment needs to be demolished, you’ll likely be responsible for paying the landlord back for the loss of the apartment. And what if there’s a flood in your apartment and the damage is so extensive it forces you to move out? If you don’t have renters insurance, you’ll be responsible for the full cost of repairs.
Your possessions are at risk
Some of the worst renters insurance nightmares aren’t major disasters like floods and fires, but rather everyday occurrences like car accidents. Let’s say you have a friend visiting and they get in an accident while they’re driving your car. If they’re at fault, their insurance will cover the damages – but what happens if your car is damaged too? That’s where renters insurance comes in again. If you don’t have renters insurance and your car gets damaged, you’ll be liable for the repairs, even if the accident wasn’t your fault. Renters insurance covers your possessions in case of damage or loss due to any number of covered perils, including car accidents, vandalism, natural disasters, and even terrorism. Many providers even offer liability coverage to help protect you in the event that someone sues you because of an accident.
You’ll pay significantly more for repairs and replacements
Renters insurance includes a special cost of living provision that helps you make ends meet if you have to replace your damaged or lost possessions. Let’s say your washing machine breaks. If you have the standard $50-a-month renters policy, you’ll receive $50 to go towards the cost of having it replaced. While this is certainly better than nothing, it’s far from ideal. If you have a nicer, more expensive washer, you’ll have to replace it with a $50 model, which might not even work properly. Even if you have a $200-a-month policy, you’ll only receive $200 to replace the washing machine – and that’s only if it’s the exact same model. If you have a special cost of living provision that allows you to replace your appliances with better quality models, you’ll be able to get something that works properly, even if it wasn’t in your original budget.
Renters insurance is a small cost that can make a big difference when something does go wrong. It protects you from liability if something is damaged in your apartment or if your landlord’s property is damaged, and it covers your possessions in case of damage or loss due to any number of covered perils. You’ll pay significantly less for repairs and replacements if you have renters insurance, and your landlord may require you to have it. If you’re a renter, you need to make sure you have renters insurance. It’s cheap, and it can save you a lot of money in case of disaster!