The Benefits of Renter’s Insurance

Thursday, February 25th, 2021
keys to new rental home

 

 

So you’ve found the perfect rental house to be your new home; what’s next? One of the things to consider is getting Renter’s Insurance. Sometimes called Tenant’s Insurance, Renter’s Insurance is a policy you can buy that will help with the cost of replacing things damaged in your rental home. Most renters do not opt for rental insurance, but it’s something all renters should consider.

This type of policy provides financial protection for your personal property and yourself. In other words, renter’s insurance will cover the cost of replacing damaged or lost belongings in the case of emergency, as well as possible liability issues and personal injury. You are not legally required to have renter’s insurance, but many landlords are now requiring their tenants to have it as part of their lease.

Emergencies

Some of the advantages of having renter’s insurance are all the things it will cover in cases of emergency. Some of these situations could be damage caused by:

  • Falling Objects
  • Fire or lightning
  • Riot or Civil Commotion
  • Smoke
  • Theft
  • Vandalism
  • Vehicles or Aircraft
  • Weight of Snow or Ice

Those events might sound scary, but one never knows what emergencies might happen, and it is always better to be prepared.

Personal Liabilities

Personal Liability is another reason to consider getting renter’s insurance coverage. Damage to your property or anyone else’s is not something we usually dwell on, however, incidences, where you might be legally liable to pay for damages, are worth considering. Most renter’s insurances will cover the damage from those types of scenarios. If someone gets injured at your home, your renter’s insurance will cover any medical expenses they have from the incident. Also, if you have a pet that bites a guest or neighbor your insurance will likely cover the medical expenses as long as the policy doesn’t have a clause against pets or your pet is not a restricted breed.
Another benefit of renter’s insurance is that it is affordable. You may be asking yourself how much coverage you need when purchasing your policy. To answer that question you will need to figure out how much you think your belongings are worth. It is also a good idea to take photos of all your most valuable belongings to have for reference. Policies are usually very affordable. For around $10-$15 a month, you can have coverage in the area of $25,000 coverage for personal property, liability coverage of approximately $100,000, and a deductible of about $500.

Find Out More

Now that you know how beneficial rental insurance is there is no reason not to call your insurance agent for more information on their policies. If you would like to know about Highland Park Villiage’s renter’s insurance policies or to find out more information on our rental properties, call us at (806) 335-1451 or Contact Us by email today. Don’t forget to check out our available Floor Plans and Specials. You can also visit us in person at 13300 Bandera Dr in Amarillo.