RENTERS Insurance – Customer-friendly
Relying on your landlord’s insurance policy after moving into a rental unit can be a disastrous mistake. Many tenants believe that renters insurance is too expensive or they are already covered in some manner, but these domiciles and the possessions inside of them might not be covered in the event of an accident. Here is a look at what these policies cover and which renters may need this style of insurance.
Do Renters Need Insurance?
One of the reasons that many renters do not get insurance is the fact that it is not required by law in every state. Others feel as if it just one more monthly expense when the actual building is not even in their name. Unfortunately, the landlord’s insurance policy may not cover anything if problems such as a fire occur or your belongings are stolen. When these issues do take place, this form of insurance can be invaluable.
Coverage for Basic Policies
There are a few things that every basic renters insurance policy will cover. The first thing that is covered is all of the tenant’s personal possessions if they are damaged, stolen, or vandalized. In the event that a person is injured while in the rental unit, these policies could cover some or all of the costs for medical bills. When guests or trespassers level lawsuits at the tenant, this type of policy could help cover legal expenses and any damages that are awarded.
Tenants often avoid these policies because they believe they are going to be too expensive for their own budget. Luckily, these policies are often just a fraction of what many tenants believe them to be. Depending on the value of one’s possessions, the area that they live, and the security/safety features of the rental unit, these policies are often cheaper than car insurance.
Renters policies can quickly provide a tenant with the money that they need to replace or repair their personal possessions, pay off expensive bills, or even find a new place to live. This is why all renters should consider their insurance options before moving into any new unit.