If you rent a home, you need renter’s insurance. Many Key West landlords and property managers require you to show proof of renter’s insurance before you move in. Even if they don’t, you should still get renter’s insurance for your own protection.
It might seem like an extra expense, but renter’s insurance is affordable and offers peace of mind in case something happens to your belongings. Getting renter’s insurance is a simple process. You can either reach out to an insurance agent or go online to compare different policies. Here are five reasons 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 covers only the property, not your personal items. If a fire or flood happens in your apartment, you will be responsible for replacing anything not covered by renter’s insurance.
Renter’s insurance is relatively cheap and can be customized to fit your needs.
You can get a basic renter’s insurance policy for less than $20 a month. For high-value items like jewelry or art, you can add extra coverage for complete protection. This affordability secures your finances in case of unexpected events.
You can customize your renter’s insurance to include liability coverage, which protects you if the property is damaged by you or a guest, or if someone is injured and sues you. If you have roommates, they need their own policies because your renter’s insurance doesn’t cover their belongings.
Every adult in the rental should have their own renter’s insurance policy.
Most renter’s insurance policies cover temporary living expenses if you have to move out of your apartment due to a disaster.
If your apartment is uninhabitable from a fire or flood, your renter’s insurance will likely cover the cost of a hotel or temporary housing. This can be a great help if you lack the funds to cover these unexpected expenses.
Renter’s insurance can help you get back on your feet if something happens to your belongings. If you lose everything in a fire or theft, renter’s insurance can help you replace your belongings. This can be incredibly helpful if you don’t have the money to replace everything at once.
Renter’s insurance can help replace important documents like your passport or birth certificate if they are lost or destroyed. Losing these items can be financially burdensome and make replacement difficult.
Having renter’s insurance gives you peace of mind, knowing you’re covered in an emergency.
No one wants to think about worst-case scenarios, but accidents and natural disasters do occur. And if something happens to your belongings, it’s reassuring to know you’re covered. Renter’s insurance ensures peace of mind, knowing you’re protected in an emergency.
A reliable manager is crucial for stress-free property ownership for landlords and property owners. At Real Property Management Allegiance, we treat every property seriously and strive to exceed expectations. Get in touch with us or call 786-206-8611 for excellent services in Key West and the surrounding areas.
Originally Published on June 24, 2022
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.
