Do You Need Renters Insurance?
People often don’t think about renters insurance, but it is a very valuable and inexpensive way to protect your belongings. We spoke with insurance expert Chris Huebener about renters insurance and he answered two popular questions: what does renters insurance cover and what does it cost?
What does renters insurance cover?
Basically, renters insurance covers all your “stuff,” from your clothes to your couches and TVs. This is important because your landlord’s insurance policy does not cover your belongings in the event of a fire or storm damage.
Renters insurance also covers loss of use. Let’s say there’s a fire and you have to live in a hotel for a couple weeks or even months. Your landlord is not responsible for providing alternate housing for you. But renters insurance will cover the cost of your hotel until you can move back into your leased home.
What does renters insurance cost?
Renters insurance is extremely affordable. It usually runs around $250 per year, so only about $20 per month.
Whether you are a tenant or a landlord, renters insurance is important. At Hover Girl Properties, we offer property management services. In our lease, we require renters to have renters insurance.
Perks of Renters Insurance
Renters insurance offers several perks and benefits for tenants renting a home or apartment:
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Protection of Personal Belongings: Renters insurance provides coverage for your personal belongings, including furniture, clothing, electronics, appliances, and other valuables. If your belongings are stolen, damaged, or destroyed by covered perils such as fire, theft, vandalism, or certain types of weather events, renters insurance can help cover the cost of replacement or repair.
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Liability Coverage: Renters insurance includes liability coverage, which protects you against financial responsibility for bodily injury or property damage that occurs on your rental property. If someone is injured while visiting your home or if you accidentally damage someone else’s property, renters insurance can help cover legal fees, medical expenses, and other costs associated with liability claims.
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Additional Living Expenses: If your rental home becomes uninhabitable due to a covered loss, such as fire or water damage, renters insurance can help cover the cost of temporary living expenses, including hotel stays, meals, and transportation, until your home is repaired or you find alternative housing.
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Affordability: Renters insurance is generally affordable, with premiums costing much less than homeowners insurance. For just a few dollars a month, renters can obtain valuable coverage for their personal belongings and liability protection, providing peace of mind and financial security.
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Coverage Away from Home: Renters insurance typically extends coverage to your personal belongings even when you’re away from home, such as while traveling or storing items in a storage unit. This means that your belongings are protected against theft, damage, or loss no matter where you are.
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Protection Against Unforeseen Events: Renters insurance provides financial protection against unforeseen events and disasters that can disrupt your life and cause financial hardship. Whether it’s a burglary, fire, or natural disaster, renters insurance ensures that you’re not left financially devastated in the aftermath of a covered loss.
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Peace of Mind: Perhaps the most significant perk of renters insurance is the peace of mind it offers. Knowing that your personal belongings are protected, and you have liability coverage in case of accidents or injuries, can provide reassurance and confidence as you go about your daily life.
Overall, renters insurance is a valuable investment for tenants, offering essential coverage and protection against a wide range of risks and hazards. It’s a small price to pay for the financial security and peace of mind it provides.