If you’re a renter, you need to have renter’s insurance. A lot of Key West property managers and landlords require you to show proof of a renter’s insurance policy before moving in. But, even if they don’t, you should still get renter’s insurance for yourself. It may seem unimportant, but the fact is that renter’s insurance is inexpensive to acquire, and, more importantly, it can provide a lot of peace of mind in the instance that something untoward happens to your belongings. Here are five reasons why every renter should have renter’s insurance.
- Your landlord’s insurance doesn’t cover your belongings in the event of a power outage, fire, flood, theft, or other disasters.
Your landlord’s insurance probably only covers the property and not your personal belongings. Supposing there’s a fire or flood in your apartment, you’ll be responsible for replacing anything not covered by the additional renter’s insurance policy.
- Renter’s insurance is quite economical and can be customized to fit your needs.
A basic renter’s insurance policy could cost below $20 per month. Further, if you have really expensive items like jewelry or art, you can add other coverage to guarantee they’re completely protected.
You can further customize your renter’s insurance policy to include liability coverage, which protects you if the damage is caused to the property because of something you or your guest may be responsible for or if someone is injured in your home and sues you. If you have roommates, it is vital to indicate that they would need their own policies since your renter’s insurance policy does not cover their belongings.
Each adult in the rental needs to have their own renter’s insurance policy.
- Several renter’s insurance policies cover temporary living expenses whenever you have to move out of your apartment due to a disaster.
If your apartment is uninhabitable because of a fire or flood, your renter’s insurance policy will possibly cover the cost of a hotel room or other temporary living expenses. This can be a great help if you don’t have the funds to cover these unexpected costs.
- Renter’s insurance can support you to rebuild your life if something happens to your belongings.
If you lose everything in a fire or theft, renter’s insurance can enable you to replace your belongings. This could be a tremendous help if you don’t have the money on hand to replace everything at once.
Renter’s insurance can furthermore easily help you replace important documents like your passport or birth certificate if lost or destroyed. Unexpectedly losing these items can set you back financially and make it burdensome to replace them.
- Obtaining renter’s insurance gives you peace of mind knowing that you’re covered in case of an emergency.
No one wants to think about worst-case scenarios, but the fact is that accidents and natural disasters arise. Furthermore, if something negative occurs to your belongings, it’s great to know that you’re covered. Renter’s insurance gives you peace of mind knowing you’re protected in an emergency.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
