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5 Reasons You Should Have Renters Insurance

Blog - 5 Reasons You Should Have Renters Insurance

Renters insurance is one of the most important investments you can make as an adult. Your landlord is not responsible for your belongings. The most important thing to do when you are renting for the first time is to reduce the number of risks you face.

With renters insurance, you can offset the chance that you and your belongings will not be protected from damage that may occur during your lease. Renters insurance is affordable even on the tightest budgets.

1. It’s Affordable

How much is renters insurance?

Renters insurance cost is dependent on a list of factors, including the amount of coverage needed, location of your rental property, and the amount of security at your rental home. When looking to find the best value for your insurance, it is essential to get good counsel on a plan that is best suited for you and your needs.

Renters Insurance Covers

Renters insurance can cover a range of different living situations. You might consider it if you’re living in one of the following:

  • Small apartments
  • Large apartments
  • Stand-alone homes
  • Condos
  • Townhouses

FailSafe makes finding the lowest insurance quote easy by checking every insurance companies’ rates and finding the best and lowest price. Considering all your insurance needs and helping you find deals like bundling your auto insurance and renters insurance together making it simple and easy to keep track of payments. 

2. Protects Your Personal Property

Your landlord will not be responsible for your loss inside your apartment or condo, damaged or stolen items. The only way to effectively protect yourself is to purchase renters insurance. Without renters insurance, you could find yourself liable for unavoidable damages that you had no control over.

Renters Insurance can protect in cases of:
  • Theft
  • Fire damage
  • Lightning damage
  • Wind damage
  • Hail damage
  • Water damage
  • Vandalism
  • Explosion
  • Damage caused by a vehicle

In property damage, renters insurance is necessary to ensure that you will be reimbursed when the unthinkable happens. When purchasing renters insurance for the first time, it is essential to consider policy options. One option is a replacement cost value policy, a type of policy that pays you if your belongings are brand new and damaged or stolen. Another option is an actual cash value policy that pays you the depreciated values of your belongings.

Do an inventory on your expensive items. That way, you can have a set list of things that need to be covered. Some personal belongings you might want to consider insuring are new computers or expensive jewelry that cannot be easily replaced. That way, you don’t have to pay out of pocket expenses to replace your stolen or damaged items.

The easiest way to document items you want to be covered is to take a video of all your valuable belongings. Videos with timestamps can help mark what you had when your policy began. It is crucial to choose the right policy so that you can be fully reimbursed.

3. Your Landlord May Require It

One of the top reasons people look for renters insurance is that their Landlord requires it. When renting a property, landlords will often run background checks and check a potential renter’s credit history to ensure that the tenant will maintain the property so that the value of the rented property does not decrease at the end of the lease.

Many landlords will ask that you have renters insurance, so in the case of property theft or damage, the rental property will be protected and maintained. Landlords will do anything to avoid costly fees and repairs, which is why renters insurance is so crucial for them. Protect you and your belongings from all sorts of incidents. An example being fire or water damage that could easily come up during your lease term.

4. Covers You in a Worst Case Scenario

The most critical part of renters insurance is the liability coverage; it provides protection from accidents and injury. It could save you from expensive medical payments that you might be required to pay if someone is injured on your property and you are found legally liable for their injury. For example, if you didn’t salt your sidewalk or entryway and a delivery employee fell and was injured on the rental property, you could be held liable for their injuries.

It may also help to pay for repairs on your property that require a specialist such as an extermination technician, electrician, or plumber. You cannot always rely on your landlord to fix all problems that may occur during your lease term. In a perfect world, landlords would hire professionals to deal with property problems. Unfortunately, many landlords would instead try and do it themselves or completely ignore the problem than pay for costly repairs.

5. Can Help Cover Relocation

In times of crisis when you can no longer live in your rental property due to damages suffered from a fire, inclement weather, or other disasters, renters insurance can help. Renters insurance can help to find and pay for a new living space.

When disaster strikes, the last thing you want to deal with is figuring out where you are going to live and how to pay for it. With renters insurance, you can file a claim and receive help right away. Your insurer can provide you resources and advice on the next steps.

If you are looking for renters insurance, here at FailSafe, we take the guesswork out of choosing your renter’s insurance policy. We will help you find cheap renters insurance that will cover all your needs.

We’ll take into account all of your options and work with you to find the proper amount of coverage at the price you want. Don’t delay, and make sure you are protected from the disasters that can strike unexpectedly during your lease. In these crazy times, it pays to be protected so you can have peace of mind.