Why You Should Consider Renters Insurance We typically hear a lot about home insurance and how important it is to reduce costs in case of major problems and issues. Even homeowners that don't occupy their homes and rent them out instead, know the value and importance of this kind of insurance policy. Typically your landlord will collect a deposit from you as well, which will help ensure that you will take care of their home because you will want your deposit back. They will usually require a decent sum in order to protect themselves a little in case you damage things like carpet, paint, etc. But what about you? You don't own the home so you wouldn't take out a home insurance policy, but you need to think about protecting your possessions. This is where renters insurance comes in, if disaster hits and you don't have renters insurance, your possessions will not be covered under the landlord's policy. Here are some reasons why you should consider taking out a renters insurance policy.
Structural Damage Your landlord surely has home insurance that covers structural damage to their building. However, that coverage does not really apply to you. If you are the one that causes the damage by doing things like causing a flood with an overflowing sink or bathtub, or starting a kitchen fire, you can be held responsible. Renter's insurance can pay for these types of damages.
Temporary Housing If there is an accident that causes damage to the home or apartment you are renting, renters insurance can come in handy. It can provide the money you need to cover expenses related to necessary temporary housing.
Protect Your Possessions One of the most important reasons to get renters insurance is to make sure you have protection for your belongings. If a flood or fire occurs in the home or apartment you rent, what happens to your furniture, electronics, clothing, etc.? The home insurance policy of your landlord won't provide coverage for these things. If you have renters insurance when an incident like this happens, you will have coverage for these items to get them repaired or replaced.
Injuries to Visitors
Household accidents can easily happen, and if you have a visitor at the home or apartment you rent that gets injured, they can sue you and hold you legally responsible. With renters insurance, you can be protected against these types of situations. If you have a dog and it bites a house guest of yours, you can be held responsible. This is another reason you should consider having renters insurance.
Protecting Your Financial Future It is probably more accurate to say that you can't afford to not have renters insurance than to say you can't afford having it. It really is not very expensive, averaging between $15 and $30 per month. Consider your situation and decide whether or not renters insurance is right for you. Insurance Center Associates provides home insurance in Torrance. Give us a call today and let us help you find a solution that works for your situation.