Many renters assume that because they do not own the property that they reside, they do not need to have insurance. Although the property manager may be held responsible for expenses related to maintenance around the property, he is she is not liable for expenses related to renter’s possessions. Because of this, renter’s insurance is designed to protect the renter’s belongings in the event of a fire, flood, burglary or other damage and loss.
If you are renting, it’s important to purchase a renter’s insurance policy. More landlords and property managers today require renters to provide proof that they have this insurance before signing a lease. This limits the liability of the property manager in addition to helping protect the renter.
This form of insurance is generally affordable in case disaster strikes. In most instances, a year-long policy costs under $150. Renters would most likely agree that protecting their possessions is worth $15-20 per month.
What does Renter’s Insurance protect?
Depending on the coverage, your policy can let you get reimbursed for expenses related to replacing all personal items in the event of loss. Some insurers will disburse a check for the value of your lost items up front, and some may require you to replace the items first, and then reimburse you. Regardless, having this insurance in place can significantly lessen the financial hardship you may face in a devastating situation.
In all, anyone who rents a residential property should consider acquiring renter’s insurance so you can enjoy a peaceful state of mind knowing that your possessions are protected in the event of a disaster.