If you pay attention to trends in real estate, you’ve probably noticed that more and more property-managers are requiring renter’s insurance from tenants. While renter’s insurance isn’t mandatory by law, it’s becoming so commonplace, that it’s only a matter of time before all tenants buy it. Which begs the question, why is renter’s insurance a good thing? What kind of protections does renter’s insurance provide? Business/Financial Expert Kristen Cox advises that “Most standard renter’s insurance policies offer protection for your belongings in case of power surges, water damage, fire, vandalism, theft, and other events out of your control. However, most do not cover damage caused by flood water, earthquakes, mudslides, or nuclear hazards.” Here are a few important ways that renter’s insurance covers tenants:
1. Accommodation in Case of Emergency:
One of the most important benefits of renter’s insurance is living costs in the wake of an accident. If you ever experience circumstances which force you to live in a hotel, the right policy can pay for hotel costs while you wait for repairs to conclude.
2. Medical Reimbursement for Injured Third-Parties:
If a guest at your home, or a total stranger, suffers an injury because of you or your family, renter’s insurance can help pay for any of the damages they endure. Depending on the insurer, renter’s insurance can offer very expansive liability coverage.
3. Attorney’s Fees:
If you get sued for reasons connected to occupancy at an apartment, renter’s insurance can help pay for legal costs up to a certain limit. The bigger your budget, the bigger a financial provision you can include in your rider.
4. Dog-Related Incidents:
One of the most common altercations that happen in apartment complexes is dog-bites. These can get very costly when dogs decide to maul people. Renters insurance can shield you from having to pay out-of-pocket for such occurrences.
If you’ve never had renter’s insurance before, it might seem like an excessive cost at first. But renter’s insurance is actually a fantastic way to protect yourself from accidents as a renter. Depending on what type of a policy you sign up for, renter’s insurance can shield you from a variety of misfortunes. It can cover anything from dog-bites to apartment fires. Give renter’s insurance a try, and you won’t regret it. For more information, visit our website or give us a call at 1-800-639-7654 to find out how Adriana’s Insurance Services can help you stay safe. We got you covered!