Renter’s Insurance & Why it’s Important

What is one thing that you don’t want to wait until you need it, to have it?

Insurance! But more specifically for this article, renter’s insurance! This is one thing that you don’t realize how important it is, until something happens, such as a natural disaster, fire, bursting water pipes in your living room, or even if Fido bites your next door neighbor! It’s always best to make sure you take the extra step to ensure your belongings are covered. Many landlords even require it as a part of their lease terms, because it is so important!

Typically the easiest first step to finding the best coverage, would be to reach out to your auto insurance provider. They can usually find the best deal for you, by bundling your home and auto coverage. This will generally add on only a few dollars to your monthly payment. That way, you only have to sacrifice one cup of fancy coffee a month! If you ask me, protecting my belongings and my family is well worth the sacrifice!

Some of you may ask, “But doesn’t my landlord have it all covered under their insurance policy?”. The plain and simple answer is, no. While the landlord does carry their own insurance policy for the property, this is limited to just that: the property! This includes the building and their items that they own as a landlord. Anything that is not theirs, is not covered by their policy, and this includes your belongings and even if a personal liability occurs on your property.

If you are unsure of what a personal liability would be, here are some examples. Imagine that you have guests over at your house for a party and someone spills something on the steps and then a guest slips on those same steps and breaks their arm, did you know that you could be held liable to pay that person’s medical expenses? Or even if a tree has fallen on your house, and your children were in the same room that it happened, so someone has a concussion when the ceiling gave way. Your renter’s insurance is there to protect your family, and to help pay for those costly medical bills.

There are many more reasons why renter’s insurance is vital in protecting your family and belongings. Unexpected disasters are not something to take lightly. Anything can happen, and you always want to be prepared. If you do decide to take the extra step and protect your belongings and family, you are sure to sleep easier, knowing that your family is covered. Reach out to your insurance company just to price it, and you will likely be surprised just how inexpensive peace of mind can be!