Renters insurance is also known as tenants insurance. It is property insurance available to people subletting or renting an apartment, single-family home, townhouse, loft, studio, condo, or duplex. It provides a cover for the policy owner’s liabilities, living expenses, and belongings in case of any loss. It only protects property that may be lost within the property rented.
If you do not have renters insurance and a fire outbreak destroys the rented space, you would have to cover the loss of personal property. The landlord’s policy will only cover the structure. If you live around Arlington, you can contact GEC insurance to get a quote or inquire about their rates. Listed are some of the top reasons why you need renters insurance.
Repair and Replacement of Damaged Items
Without renters insurance, you would have to solely cover the cost of your damaged personal belongings in the case of a natural disaster. It is quite a risk to stay without a renters insurance policy since most of these natural occurrences are quite unpredictable. Before getting renters insurance, check with your policy provider to see if it covers damage caused by natural disasters such as wildfires, tornadoes, hurricanes, volcanic eruptions, hailstorms, floods, and earthquakes.
Some insurance policies allow the policy owners to add endorsements that will cover natural disasters. Ensure you get a renters policy since they are not that expensive, and you can get one that caters to your specific needs. They also offer you the comfort that should any unpredictable natural disaster occur, you are covered and will not have to struggle financially.
Coverage for Fires Caused by a Short-Circuit
Short-circuits can happen at times. On most occasions, it is usually due to poor wiring, and it is an issue that can be fixed by simply contacting an electrician. However, this is not always the case. There are instances where a short-circuit can cause a fire. If so, your belongings will be covered if you have a renters insurance policy.
Your landlord can only be held liable if there is an issue with the electrical wiring. However, if you are misusing the electrical system, you can be held accountable for the damage caused to the house and, of course, to your belongings. A renters insurance policy also has coverage for an extended fire. For instance, say a fire started in your house and spreads to other tenants’ houses in the building.
Without this insurance coverage, you would have to foot all the repairs and replacements. However, an extended fire cover is a bit pricey, but it is also a reasonable precaution. In the case of such an event, you will not be faced with such a huge liability.
Damage You Have Caused
A renters insurance policy provides a cover for any damage you may have caused in your unit. Some of the damage that falls in this category includes breaking glass, items that are not well secured falling, and water overflowing.
If any of these happens and it ruins the carpets or sofas, you can contact your policy provider, and they will help shoulder the cost needed to restore or repair these items. This is quite an advantage because you will not have to face any unplanned financial constraint.
Replacement of Stolen Items
Before getting this policy, you need to ensure that you meet the covered limits presented in your policy and that your landlord provides adequate security. Burglaries are unpredictable, but they do happen. A renters insurance policy will see to it that you are covered should a burglary happen.
Household items and other personal possessions are quite costly, and not having this policy means, in such a scenario, you will experience a financial setback. A renters policy will give you money back in the case of burglary so that you can replace all the stolen items. Consult with your GEC Agent to discuss the limits and what items would be replaced in such a case.
Extended Theft
While a standard renters insurance policy will cover your items should they be stolen within the premise you live, there is an option to extend that coverage. This is best for anyone who has their property in a storage facility. This coverage will extend to any of your property that may be stored outside your rented space.
It is not only limited to covering your personal property that is in storage, but it covers any of your items that could be stolen from a trailer or in your car. Therefore, anyone who does not have all their belongings in their rented unit would benefit from this extended coverage. You also will not always have to worry about your property’s safety.
Guest Protection
Should a guest or anyone in your rented premises incur an injury, you could be liable to compensate them. The possibility could be more so when you have a pet that could injure a guest in your house. For instance, certain states mandate that if your dog bites anyone when they visit your premises, you will be required to compensate them fully. Therefore, if you have a dog or a pet that could potentially bite or cause injury to your visitors, it would be best to get this policy. This policy will save you from incurring all the significant expenses you may face in such a situation. Keep in mind some dog breeds and other exotic pets may not be eligible for coverage.
Temporary Change in Your Living Arrangement
By now you should see plenty of reasons why a renters insurance policy is essential to have. For instance, if fire caused damage to your apartment , you may need to move out temporarily. Depending on the fire’s extent and the repairs required to restore your house, this may take some time. If you have a renters insurance policy, you will not need to stress about how you will pay for your temporary housing solution.
Your insurance company may be able to take care of your food and housing expenses during the time you will have to stay out of your apartment. This arrangement has a limit that you will need to discuss with your provider.
It is Affordable
Most people assume that renter’s insurance coverage is expensive, so they do not get one. However, renters insurance is quite affordable and will not necessarily require one to break the bank. The monthly payments are very reasonable. Given the perks that a tenant will receive in unforeseen circumstances, getting renters insurance is essential.
There are so many more benefits to getting renters insurance coverage. If anything, the policy protects you and your personal property. As highlighted, it is quite affordable, and there are apartment and townhome communities where tenants are required have this insurance coverage. Although most people may find it unnecessary to have renters insurance coverage because they feel that the chances of everything it protects you from happening are slim, these things do happen.
Having a renters policy can save money and financial strain should you be in such a situation. Renters insurance is very affordable. Getting it will also give you peace of mind since you will always be covered no matter what. Generally, renters insurance offers liability protection, additional living expenses protection, and personal possessions coverage. For more information on renters insurance, contact your local GEC Insurance Services agent.
