Renting has recently become extremely popular, yet renters insurance is still widely misunderstood; many renters don’t even know how to get it. In fact, renters insurance is extremely cheap, at an average of under $150 per year.
Policies also provide important benefits to both tenants and landlords. Many renters expect their landlord’s insurance to cover much more than it actually does. Renters insurance fills in these gaps, which is why many landlords are now making it mandatory.
In most cases, your landlord will only be responsible for damages that result from their own negligence. If they provide faulty locks, for example, they’ll be liable if someone breaks in. In the majority of cases, such as natural events, burglaries, and other damages, you’ll be responsible for the costs. A low cost renters insurance plan will pay for many of these events and provide peace of mind for both parties.
Coverage Under Renters Insurance
Renters insurance covers a wide range of situations, and it’s important to understand when it’s appropriate to file a claim. One of the key aspects of renters insurance is its coverage of personal property. If you need to replace items that were lost or damaged in a burglary, fire, or similar incident, simply file a claim through your renter’s insurance to be reimbursed.
Property coverage is an important aspect of renters insurance, as the average renter owns between $20,000 and $30,000 worth of personal property. Without insurance, any unexpected incident can be a major problem for both tenant and landlord.
Renters insurance ensures that both sides are covered in case of an emergency for a small monthly fee. Most policies will cover a wide range of situations in addition to personal property claims, so read your plan closely and discuss it with your agent to get a full understanding of your coverage.
Getting Renters Insurance
Since there’s so little awareness of renters insurance, many people don’t even know where to get coverage. There are many providers available when you’re searching for renters insurance. Some may give users the option of registering through an app, while other companies may need customers to meet an agent in person to set up a plan.
You may even be able to bundle your renters insurance policy together with your car or home plan with your existing provider.
If you’re a tenant, there’s simply no good reason to not have renters insurance. For a relatively low cost, it can save you significant amounts of money in the long-run. Furthermore, if you’re a landlord, you probably sleep better knowing that your tenants will have the money to pay for any incidents. It makes renting easier for both parties, which is why you should consider making it mandatory for all your tenants.