What Is Renter’s Insurance and Why You Need It?

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As a tenant, you might wonder about the necessity of a renter’s insurance policy. Well, do you value your furniture, utensils, or the laptop you work on? If you do, you would probably prefer to remain financially secure against theft, damage, or vandalism of your property.

While your landlord’s insurance policy would cover the building or apartment, you still have personal liabilities and your properties to cover. Deciding the value of your property might be tricky. This explains why tenants seek professional advice while purchasing the renter’s insurance policies. You can check Toronto tenant insurance quotes here and have a consultation with the experts at Surex.

Renter’s Insurance: What Is It?

A renter’s insurance policy secures your possessions against vandalism, damage, or theft when you live as a tenant. There might be unpredictable incidents like fires, catastrophes, explosions, electrical accidents, etc. In case of any of these unpleasant happenings, you would have to otherwise shell out the losses from your pocket. Given that severe issues like fires and burglaries can financially cripple you, it would be an intelligible decision to have such a policy in place.

  • Some renters ignore the importance of a renter’s insurance, believing that the landlord’s policy would cover their belongings. They end up in a financial disaster in case of events.
  • Renter’s insurance policies are affordable. They cover losses to personal belongings, offer liability coverage, and additional expenses like medical bills.

Would You Benefit From Your Landlord’s Or Roommate’s Rental Insurance Cover?

Well, the insurance cover of your landlord would cover only the brick and mortar structure where you would reside. It won’t be covering your jewelry, electronics, utensils, sports goods, or other valuables. This explains why tenants purchase renter’s insurance coverages to secure their belongings.

Besides, you won’t benefit from the renter’s insurance of your roommate. It is meant to cover the belongings of the other person, not yours. While certain insurers do offer policies to cover multiple roommates, the rates might increase due to multiple claims. Therefore, the best approach is to have your own policy.

5 Reasons For Which You Should Purchase A Renter’s Insurance

Here are five reasons that explain the benefits of a renter’s insurance. However, before you purchase a policy, consult the experts regarding the limits.

Secure Your Personal Belongings

Remember, personal belongings are susceptible to several perils like damages, theft, disaster, burglary, etc. Once gone, you need to replace them by shelling out money from your pocket. Think of your laptops, computer, refrigerator, tablets, gaming systems, TV, and other electronic appliances. You would have to spend thousands of dollars to get them replaced. Also, you have your household goods like furniture, utensils, etc. Then you need to protect your apparel and accessories. What about your mattresses, chairs, recliners, tables, etc.? With a renter’s insurance coverage, you can secure all your belongings.

Liability Coverage For Injury

Think of a situation when you have got a visitor, and the person gets injured inside your premises. You would have to bear the cost of medical expenses. Besides, there might be legal expenses and court costs. Here are certain possibilities you cannot ignore.

  • Your pet dog bites someone.
  • Things got unruly over a party, and you end up damaging something
  • Someone falls inside your home and gets injured

When you have this policy, you can rest assured that you can secure yourself, as well as your assets. Of course, each policy comes with a liability limit that would govern the compensation.

Your Roommate Or Landlord’s Policy Does Not cover You

One of the common mistakes of many tenants is that they think they would remain protected under their landlord’s insurance policy. However, as stated, this is just a myth. Therefore, when you have your belongings exposed to vulnerabilities, you need to get a renter’s policy for yourself. Although you can share your roommate’s policy, it might fall short of covering all your possessions. At times, shared policies turn out to be too expensive.

Other Living Expense Coverage

Sometimes, you might accidentally inflict damage that might render the apartment uninhabitable. In these cases, you would have to shell out money as compensation. Again, under certain circumstances, you might be unable to use your kitchen. In these cases, you might have to eat outside for a month or so. Regardless of the peril, you might encounter disruptions in your schedule. With a renter’s liability policy in place, you can manage these expenses.

Renter’s Insurance Policies Are Affordable

You won’t have to shell out too much while you enjoy the benefits of a renter’s insurance policy. In general, the premium ranges between $15 and $30 a month. It all depends on the size, location, and value of your possessions. Therefore, you can manage the cost easily while you remain under the protection of the coverage of this policy.

Is It Necessary To Get A Renter’s Insurance By Law?

No, it is not necessary to have a renter’s insurance policy in place by law. However, certain landlords would require you to have one of these policies in place before leasing the property to you. Even if they do not request you to purchase a renter’s insurance policy, it makes sense to have one under your name. These investments are smart and affordable enough for every tenant. With such a policy, you won’t have to bear the burn in your pocket if your belongings are stolen or damaged.

Endnote

With several insurers operating in the market, it would be a tough call to make when you choose the right package. Besides, it’s crucial to decide the value of your property that you would get covered under the policy. Considering all these aspects, you should consult a specialist who would assist you in customizing the policy. In fact, most tenants seek professional support from these experts before purchasing a renter’s insurance policy.

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