Should I Get Renter's Insurance?

Most renters do not think they need renter’s insurance until they experience a significant loss of their personal belongings. Some underestimate the value of their belongings and expect their property owners to be responsible if anything needs compensation.


Renting a home or an apartment entails having your valuables in one setting. Replacing everything you own in case of damage can be expensive. Renters insurance can help make life easy when you lose your belongings inside your rental house. It is essential to know the importance of a renter’s insurance and whether you should get it.


What Is Renter’s Insurance?


Renters insurance is a type of property insurance against damaged or stolen possessions while you are staying at a rental house or apartment. It is meant to protect you from unexpected financial losses caused by catastrophes. Renter’s insurance spares you the trouble of using your savings to meet unplanned costs.


Cover Your Personal Belongings


Renter’s insurance covers jewelry, furniture, clothes, and other personal belongings. You may think you don’t own much, but the cover can do you good in more ways than you expect.


The policy of the insurance protects against perils such as:


  • Explosion.
  • Smoke.
  • Theft.
  • Damages caused by a plane.
  • Vehicle-caused damages.
  • Riots.
  • Vandalism.
  • Wind or hailstorm.
  • Volcanic eruption
  • Falling objects.
  • Lightning.
  • Fire.
  • Snow or ice weight.


Perils such as earthquakes, floods, and hurricanes fall under a different policy. The renter’s insurance does not cover losses caused intentionally or by negligence. For example, losses caused by a fire sparked by a lit cigarette as you fell asleep will leave you without compensation.


Landlord Requirement


Most property owners have insurance that only covers the rental grounds and structure but not the tenant’s belongings. They prefer that you insure yourself, and most will ask for proof. The idea to do so may come from your property owner or their insurance company. They do so to shift the responsibility away from them. Your property owner can help you if you need assistance getting the insurance.


Cover Your Other Living Expenses


Your renter’s insurance can cover your belongings no matter where they are. You protect your possessions from damage and loss even if they are with you as you travel and not at home.


You also enjoy additional living expenses if the peril has rendered your house inhabitable. The cover can pay for where you live temporarily, your food, and other expenditures. Ensure you check with your insurance agent or policy what other expenses your cover handles.


Liability Coverage


Your renter’s insurance policy allows you to rest easy and not worry about having someone become injured on your premises. Someone may decide to sue you if they had an accident in your apartment, such as a fall or a dog bite. The cover can cater for medical bills or cover the costs you will have to incur in court if you were sued.


The renter’s insurance policy should let you handle such incidents with ease. You do so knowing you already have a cover to protect you and your assets.


For more about renter’s insurance, visit Prime Property Group at our office in Oakland or Sacramento, California. You can call (510) 225-0470 or (916) 822-9655 to book an appointment today.






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Jaime Sanford

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