28 Apr, 2015
For many hardworking people, renting a home can be the more convenient and affordable option rather than making a home purchase. However, even if you decide to rent, you should protect yourself through renters’ insurance. You probably care about the contents of your house, just like any other homeowner, and so it’s a very good idea to invest a little money in order to have that extra protection no matter what your situation is. Here are a few reasons why having a renters’ insurance policy is always a good idea when it comes to ensuring the protection of your property.
Why Should You Purchase a Renter’s Insurance Policy?
If you are renting your house then your landlord will only have insurance on your building, and not the contents of what’s inside your home. However, by purchasing a renters’ insurance policy you can cover all of your personal property against theft, fire and vandalism, which will give you the peace of mind you need against all the different types of perils of life.
What Renters’ Insurance Protects
The majority of renters’ insurance policies are very similar to home insurance ones. Those residents who take out a policy can rest assured knowing that the contents of their home is safe and protected. That being said, renters’ insurance comes with various options for those renters who are on a budget, as well as industrious renters. If your property gets damaged in any way then renters’ insurance will cover it with actual cash value. However, this is only for the item’s depreciated value. On the other hand if you purchased replacement coverage, it will pay you for the actual cost of replacing the item minus the deductible. Renters’ insurance allows their owners to personalize their protection, and so you can get a policy that fits for your specific situation.
When You Want Loss of Use Coverage
Your renters’ insurance policy can also provide you coverage for living expenses in the case that you have to vacate your house after an accident occurs. For instance, if a tree crashes down on your roof and your home needs repairs before you’re able to live in it again, then loss of use coverage can provide you with food, a hotel and any other type of expense that you incur while away from your home.
When You Want Liability Coverage
Your renters’ insurance can provide you with liability coverage that will pay for property damage and bodily injury that occurs from negligence, such as if your dog bites your neighbor and he has to get stitches. However, you will not be covered for negligence that occurred due to bodily injury that was intended. For instance, if you throw a ball in order to try to hit your neighbor then your insurance will not cover it. On top of this, any vehicle related damage that occurs would not be covered.
When You Want Extra Protection
In addition to all of the basics that you get with renters’ insurance, you can also add on several other types of coverage. For one, if you have a visitor that becomes injured in your home then your renters’ insurance policy’s medical coverage for others can take care of all of their medical bills, no matter whose fault it was. On top of this, credit card coverage can protect you from any monetary fraud attempts from your landlord or leaser. Lastly, coverage for the property of others will not only protect your belongings, but the belongings of the people that are visiting your home. For instance, if you borrow your friend’s laptop and it gets water damage while in your home then it will be covered.