Renters probably thought that insurance is no longer needed given that most people often have the notion that the landlord is usually the one responsible for all repairs and costs. However, there are certain things that even the landlord will not cover, including costs associated with theft or natural disasters. Here are three reasons you should get a renter's insurance now:
1. Renter's Insurance Covers More than What You Are Expecting
As previously reported here on Realty Today, most renters' common mistake is not getting a renter's insurance out of the belief that the landlord will be responsible for paying for the repairs at home. Unfortunately, your landlord's responsibilities only cover a number of things, and that does not include natural disasters or theft.
Trulia notes that a renter's insurance often covers more than what most people expect. This includes personal liability protection, which might come in handy when your pet suddenly becomes violent.
"All renters insurance policies come with a minimum of $100,000 in personal liability protection and can easily be increased to $300,000 or $500,000 for a relatively small increase in premium," said insurance broker Justin Lozoya.
2. You Never Know When a Disaster or Robber Might Strike Your Home
No one has the ability to predict the future, but protecting yourself from unnecessary costs brought by unforeseen events will help save you a lot more down the road. Renter's insurance also covers items, which may have been damaged at home or those that were stolen after a break-in.
Renter's insurance may also cover your relocation costs in case your current house requires you to move after a fire or disaster.
3. You Remain Insured Even When You Are Outside
As surprising as it may sound, renter's insurance also covers those items stored off-site and even while you are traveling to a different country.
"If you are traveling and your personal belongings are stolen or damaged by a covered loss, your renters insurance will cover you, even if you are traveling through Europe or relaxing on a tropical beach somewhere," he added.
