Many renters mistakenly believe that, because they don’t own the place they live in, they don’t need insurance. However, if you rent your space, you should consider investing in a renters insurance policy.
Here are three important reasons why you should find a good renters insurance plan:
- Personal belongings coverage. The insurance policy your landlord has will only cover damage caused to the apartment or home itself, not any of your personal belongings. That means that, if a natural disaster strikes and your clothes, furniture, or other belongings are damaged, you’ll need to pay to have them replaced by yourself. A good renters insurance policy will make sure you get the coverage for these items in many different scenarios.
- Liability coverage. If someone gets hurt in your rental space, that doesn’t necessarily mean your landlord has to cover the cost of their medical bills. Landlords are responsible for injuries caused by the property itself, such as shifted concrete walkways or uneven stairs. If injuries are caused by negligence or another factor, you will likely be held at fault and will want the liability coverage that renters insurance provides.
- Landlord requirement. Renters insurance isn’t required by the state, but many landlords require it before you sign the lease. If this is the case for a property where you’d like to stay, you should be on the search for a good policy.
Reach out to our team here at Pietila Family Agency if you want to find a good renters insurance policy that provides you with sufficient coverage.