Paying for rent every month is already expensive as is so adding another bill onto your monthly expenses may not be an option for some renters, but what if I told you renters insurance is not as expensive as you think? Renters insurance may just be another bill to some but its way more than that. Here are 3 reasons to get renters insurance:
#1 – Renters Insurance is Not as Expensive as Many Renters May Think
Renters insurance cost will be determined on where you live but even if you live in the most luxurious apartment there is still a big change that your renters insurance can be affordable. Renters have a tendency to overlook renters insurance because they think the landlord will cover the costs if anything will ever happen, that’s not always the case.
“$150 is the average annual cost for renters insurance in California, the policy will cover $30,000 of property coverage and $100,000 of liability coverage. This is a bargain if you ask me” says, Wallace Montgomery, of Homes Willow Brook Real Estate Service in Los Angeles, CA.
Montgomery adds, “I always recommend renters insurance to all my clients, its nice to have a cushion to rely on if something goes wrong”
$150 for the most basic insurance policy is a steal, that’s an average of $12.50 a month for 12 months.
#2 – You Are Not Covered by You Landlords Insurance
Renters don’t realize that if they cause a fire or water damage to the apartment, they will have to pay for it and not the landlord, the landlord is only responsible to fix things that are not working properly. In some cases, landlords have sued the renters for severe damages to the unit.
Your landlords have the apartment building insured but the coverage does not extend to the tenants. What does this mean? This means if something would happen to the building like strong winds cause a large tree to fall on it, the building will be covered not your personal belongings.
For example, if one of the neighbors leaves their clothing iron on and it tips over and causes a fire, and the fire spreads to your apartment causing your belongings to burn its strictly your financial responsibility.
Another example is, suppose the water boilers bursts and it floods your entire apartment the landlord insurance will cover the damaged caused to the apartment like the broken pipes, damage to the drywall, damage to the floors but it will not cover the water damage it caused to your personal things.
Another example is, suppose someone breaks into your home while you were out, the burglars break the windows and door, and they steal your flat screen television, laptop computer, high-end DSLR camera. The landlord will only be liable to pay for the damages the burglar caused to the unit and not your electronics. This is one of the main reasons why many renters decide to get renters insurance.
#3 – Renters insurance Will Cover What Could Happen to Someone Else
Renters insurance doesn’t cover just you; it also covers what could happen to someone else. If you have a party and someone falls because of a spill on the floor and breaks his or her leg renters insurance will cover if they sue you.
Renters insurance will also cover your children’s and even your pets causing harm to someone due to negligence, your renter’s policy will cover if your pet or children cause damage to someone else’s property.