Owning a house of your own is easily one of the best accomplishments that you can achieve in life. However, for most people, renting a property is the only option, at least until their income increases to a certain level. If you are renter yourself, then this blog post is for you.
Tenants and Renters Insurance
If you have rented an apartment or house, then it’s strongly recommended that you get renters insurance. In fact, the biggest reason why tenants must get renters insurance is that they get protection against damages like flooding, vandalism, etc. which can otherwise make a massive dent in their savings. That said, there are some other attractive benefits of renters insurance also that you may not be aware of. These are:
1. Medical Coverage
Some of the most popular renters insurance plans come with personal liability coverage. This means that if someone gets injured at your property, then you can use renters insurance to cover the expenses. This can take the edge off your worries as you know that you can host some really awesome house parties and bring over friends without stressing out. You can also go about making aesthetic changes in your home, like by implementing DIY country home decor ideas for your porch, repairing flooring and roof, etc. with ease knowing that even if someone gets injured during these projects, then you can cover their medical costs.
2. Pet Attacks
This may surprise you, but people these days are quick to take legal action against those whose pets hurt or harm them in any way. One interesting case, for instance, is the story of Marlin Jackson who was mauled by an “emotional-support dog” on a flight and he decided to sue Delta (the airline company) and its owner. Ouch!
If you own a dog, then you can benefit from renters insurance. This is because if your four-legged friend bites someone or injures them in some other way, then renters insurance can cover the medical costs. It may also cover legal fees if the person decides to sue you.
3. Temporary Living Expenses
If your apartment is flooded or damaged by a fire, then your renters insurance will cover the costs for sure. However, did you know that it also offers an additional benefit? It’s called “additional living expenses” aka temporary living expenses. This means that for at least a limited period of time when you have to stay in a hotel while your home gets repaired, your insurance can cover the temporary lodging costs at the hotel.
4. Borrowed Stuff
Many people who rent an apartment also rent or borrow other things. In fact, there are plenty of things that you should borrow rather than buy just because it makes sense financially. These include chainsaws, extension ladders, specialized tools, etc. If you have also borrowed or rented such things that are quite expensive, then you will be glad to know that your renters insurance has you covered. This is because most policies cover items that are “in your possession”.
No matter how careful you are, you can’t keep thieves and burglars at bay. If you possess expensive items like high-end smartphones and laptops, jewelry, etc. then your insurance provider can offer cover against thefts. More interestingly, you may get reimbursement even if someone steals an item that’s outside your house, say from your car outside the building. This is because many insurance providers offer theft cover for up to a certain radius from your rented home.
Do You Have Renters Insurance Already?
If you live in a rented house or apartment, then you must consider purchasing a good renters insurance plan. You can find a wide range of options online with easy-to-follow steps for registration. All you have to do is make a quick comparison and get the product that offers the most value for your money. Most insurance plans are easily affordable too, so you don’t have to worry even if you are short on money. Get insured, and you will be at peace!