For people who rent an apartment, a condominium or a single family home, renters insurance is a must have. This type of insurance can be life-saver, but so many renters are unaware of its many protections. Should you, as a renter, be the victim of acts vandalism or theft, or of fire, your personal items such as computers, various household items, be it electronics or kitchen appliances or jewelry and art, they are covered by such an invaluable insurance policy.
Someone who rents from a property owner should also weigh the potential liability if the rented property is somehow damaged or destroyed. If a fire wreaks havoc on the renter’s home space, he or she can likely lose much personal property as well. The rented property would also need to be renovated or rebuilt to be made livable after such a tragic event. In such cases a renter would be forced to find another place to live until the rental is again made available for occupancy.
Why have rental insurance?
A renter is protected from the many aforementioned scenarios if he or she has renter’s insurance coverage. Imagine the reduction of stress if the renter need not worry about the costs of finding another place to call home. It is important to note that personal items of the renter are not covered by the property owner’s insurance. The renter’s personal items, like clothes, furnishings, electronics, etc., are covered if he or she has renter’s insurance coverage, which means even more stress reduction.
What are the costs to insure a rental?
Many insurance companies offer coverage for those who rent. The costs can be quite modest and may surprise at the level of affordability. If the renter already has car insurance, he or she can bundle in the renter’s insurance at often an additional discount.
Insurance for a renter is a cost-effective method for protecting personal belongings within the rented home should fire or theft or some other event occur that results in the destruction of the rental property or the contents therein. Depending on the area, a rental insurance policy can be had for a modest few hundred dollars a year. For such peace of mind, it is totally worth it!