You Need Renters Insurance, and Here’s 5 Reasons Why Currently there is a rift between homeowners and renters when it comes to insurance. When you buy a home, it’s pretty much required to buy homeowners insurance, yet few renters consider renters insurance. A recent poll conducted by the Insurance Information Institute found that 96% of homeowners have insurance, but only 31% of renters carry insurance. Why are renters so reluctant to purchase insurance, when auto insurance and home insurance is basically expected of us in this society? How can a renter in San Jose feel like he doesn’t need insurance, and meanwhile a homeowner in Fremont knows she needs home insurance? The two types of insurance are practically identical. In reality, the only difference between the two is that for renters the insurance only covers their specific apartment space, not that of their neighbors. All the same great reasons a homeowner should get home insurance apply equally to renters. Here are five.
Protection against bodily injury personal property lawsuits Imagine a neighbor comes over and accidentally breaks an ankle on a toy left carelessly on the floor. Or a visitor brings in a laptop and it slips off your table. Renter’s insurance protects you from a bodily harm lawsuit if a visitor gets injured while in your apartment. If their property is damaged, then that’s covered as well.
Helps pay for structural damage If you accidentally start a fire that causes smoke damage or harms the overall structure of your apartment complex, your landlord can go after you for damages. If your sink overflows and floods the apartment downstairs, your neighbor can find you liable. You need protection from these potential lawsuits, just like a homeowner.
Get temporary housing If calamity strikes and you don’t have renters insurance, you could find yourself on the street. Paying for an extended stay at a motel is expensive. With renters insurance you’ll have a place to stay during repairs or while searching for permanent housing.
Protect personal belongings Your landlord’s insurance won’t cover any of your possessions in the event of a catastrophe. You invest a lot of money and time into your belongings; your furniture, appliances, priceless family heirlooms. When you purchase renters insurance all your things are protected.
Low Cost Renters insurance costs only $15-$30, which is much less than a typical auto insurance policy. Compared to other forms of insurance, renters insurance is one of the least costly while providing some of the most benefits. So the word is out to all renters the world over: hurry and purchase renters insurance before it’s too late. You’re not safe from the misfortunes that homeowners face just because you have a landlord that fixes your pipes. When all things are considered, renters insurance really should be a high priority for all renters. The peace of mind alone is worth the low cost.