Almost everyone who owns a home has homeowner's insurance. If they are still paying the mortgage loan, the lender will insist on it. However, many people who rent a house or apartment feel that paying for renter's insurance is an unnecessary expense. This is not true. Even if you feel you do not have any belongings worth buying insurance for, a renter's policy does much more than just paying to replace your things. Here are just a few reasons it is important to buy a policy.
Loss of Use
If there is a catastrophe that will keep you from being able to stay in your home until it is repaired, you will need to find someplace to live. Renter's insurance will cover the cost of a hotel or other living arrangements. This will keep you from having to stay with friends or family. Depending on the coverage you choose and the length of time it will take for your home to be repaired, your insurance may pay the deposit for a new place.
Theft or Damage of Belongings
When you have a policy, your belongings are not only covered in your home but also when they are not. If you are traveling and lose your luggage, you can submit a claim for everything you lost. In addition, if your vehicle is broken into and you have things stolen, they will be covered under your renter's insurance. Basically, the policy covers your stuff regardless of where it was or what happened to it.
If someone is injured in your home or on your rented property, their health insurance will try to collect and make you pay for the medical bills. A renter's insurance policy will take care of at least some of this for you. If you know your home poses a danger to others due to construction, a swimming pool, or other things, it would be a good idea to ask for a higher amount of personal injury protection.
Even if you feel your belongings do not warrant buying renter's insurance individually, consider having to replace everything at once. All the furniture, kitchenware, clothing, electronics, and everything else you own would be expensive to replace. Renter's insurance is not that expensive to pay for each month when you consider the cost of replacing a laptop computer or the one expensive item you own. All the benefits far outweigh the monthly premium cost. Talk to an agency such as Scovotti Insurance to learn more.