Why Renter’s Insurance is needed?

By Tenant

First of all, what is Renter’s Insurance? Renter’s Insurance is a type of insurance that safeguards the renters or the tenants along with their property. It is very important for tenants to have this insurance.

Like any other form of insurance, those customers who wants to have this can choose the amount of their coverage and the deductible, then they will be required to pay a monthly payment based on the coverage he chose. The coverage a renter must choose must be in account to their belongings and that they are sufficiently protected in case of any emergencies.

Here are some of the reasons why tenants should have Renter’s Insurance.

• In case of a Structural Damage. Landlords undoubtedly have insurance for their properties that covers any structural damage. But this coverage does not include the tenant. If the tenant cause an accident (i.e. flooding due to bathtub overflow) that damages the rental unit, the tenant is held financially responsible for it. This is where renter’s insurance comes in; it will pay for the damages made to the apartment unit. It can also cover the damages made to the neighbor’s property.
• Provide temporary housing. Renter’s insurance can help you pay the expenses you need to live in another place if you may have to move out of your rental property because of the damages you may have caused until you can move back in to the rental unit again.
• Protect personal belongings. Renter’s insurance protects the tenant’s personal belongings in case of any emergencies like fire, theft, vandalism and more. If a renter has renter’s insurance by the time of the accident, everything from clothing to electronics can be recovered.
• Protection in case a visitor gets injured. You can be sued for liability if a visitor of yours gets injured while inside your apartment. For example if you have a dog then your dog accidentally bites your visitor, you will be held responsible. Renter’s insurance will protect you against financial loss if such thing will happen.

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