How important is a renters insurance plan? That’s a question that will most likely see people respond differently. It is a clear indication that the importance of renters insurance isn’t something people know for sure. Fortunately, that’s all this article will discuss. So, by the end of the day, you will understand this concept excellently. When people say that the importance of renters insurance is paramount, is that true or an exaggeration? On the other hand, is the camp that doesn’t find it as necessary reasonably or unjustly? Let’s dive into this discussion to understand who is right about the importance of renters insurance and why.
About the Renters Insurance
Before weighing its importance, it is important to understand the renters’ insurance. It is an insurance cover that protects your rented apartment or house. Whether personal property or liabilities, rest assured that they are catered for as long as you have renters’ insurance. We will be discussing the policy’s benefits in detail shortly.
What are the Benefits of Renters Insurance?
It is no secret that the importance of renters insurance is indisputable but what exactly does this policy cover? It covers all your valuable belongings inside your rented apartment or house. So, it covers the likes of furniture, clothing, artwork, and electronic equipment, to mention a few. The compensation is made if certain unfortunate events occur. They include theft, fire, windstorms, vandalism, and smoke damage. So, if you ever find yourself in such a situation, leaving you with loss and property damage, you need not worry much if you have renters insurance.
To summarize the benefits of renters insurance, let’s highlight the three protections to expect as far as this insurance plan is concerned.
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Property Loss and Damage
It is the most apparent protection for insurance policies, and this one is not an exception. So, expect the renters’ insurance to cover any damage or loss of furniture, appliances, electronics, and clothing, among other personal properties. Interestingly, this property protection doesn’t end there. If you own a car and someone steals your personal property from it, expect this policy to cover that loss. Any property loss during travel is also covered, no doubt.
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Loss of Use
Some predicaments leave you homeless, even if it is temporary. It might take some time to repair the damage left behind by disasters such as fire. As you wait for the repair to be complete, you will need a place to stay for the time being. Lucky you if you are fortunate to have renters insurance. Its coverage will cater to your new living arrangement until you can return to your rented house or apartment.
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Personal Liability
Sometimes, someone visits you only to sustain an injury or even more injuries during the stay. Your renters’ insurance will cover any cost incurred when treating the injuries. In some cases, the victim will not hesitate to sue you for the damages and conveniences caused after that. It goes without saying that you will need a lawyer when that happens. Again, the policy makes it easy to deal with such eventualities by paying for the legal expenses.
What Doesn’t a Renters Insurance Cover?
It is worth mentioning that renters insurance only covers the property in the rented house or apartment. So, if a disaster destroys the building, don’t expect the insurance policy to compensate for such a loss. If the disaster that causes the loss or damage is flooding, the policy may also not be used during such a situation. Other disasters often excluded include landslides and earthquakes. The plan may also not cover pet injuries. That said and done, you can always look for complimentary insurance plans for losses and damages not covered by your renters’ insurance.
What’s the Cost of Renters Insurance?
On average, the monthly premium cost of renters insurance ranges between $15 and $30. This difference results from various factors, including the value of what you earn and the area of residence. That means one cannot blame the lack of such a cover on cost unless they are incredibly low-income earners.
Is Renters Insurance Mandatory?
It is yet another question that lacks a definite answer. That’s because whether it is mandatory or not depends on your landlord. Most landlords require their tenants to have renters insurance, and it is usually one of the conditions of the rental agreement between the two parties. So, under such circumstances, one can say that the renters’ insurance is mandatory as long as you want to rent a house belonging to such a tenant. In the same vein, it is optional if your landlord doesn’t require you to purchase this policy. You are at liberty to choose whether to buy it or not. After all, it is not a law requirement to own this plan.
Final Words: The Importance of Renters Insurance
Having read this piece, you can better judge the importance of renters insurance. After all, it has defined the term perfectly. So, the next time someone mentions the term, you will have a clear idea of what it is all about. You are also now aware of what the policy covers and the exclusions. The average cost of acquiring the plan is at your disposal. Do you find it fair or unfair to compare what you own and the premium cost? Once you have the answer, you will have the answer to whether the importance of renters insurance is overrated or underrated. Remember that this insurance policy can be a lifesaver when disaster strikes, especially if you have valuable property in the house or apartment.
Once you feel that the importance of renters insurance is indisputable, you can go ahead and purchase one. Remember that you have a reliable partner perfect for helping you choose the best plan for your needs and budget. It is none other than FindMyQuotes. The platform has seen many people get amazing insurance quotes, and it is simple to become part of that happy camp.
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