Why You Need the Protection Offered by Renters Insurance

Why You Need the Protection Offered by Renters Insurance

Why renters insurance is a worthwhile investment.

As a renter, you are not responsible for the damages that your rental property may sustain.  However, this does not mean that you can forgo insurance coverage completely.  You still need coverage for your personal property, personal liability risks, and alternative housing expenses just to name a few.  Fortunately, you can secure this protection with the right renters insurance.  Here’s why renters insurance is a worthwhile investment for you.

  • What does renters insurance cover?

As previously mentioned, renters are not responsible for the damages that their rental property may sustain.  This falls under the jurisdiction of the actual property owner.  Naturally, renters insurance does not offer coverage for any structural damages to your rental home or apartment.  Instead, this type of policy offers personal property, personal liability, and loss of use coverage.  This means that renters insurance will offer coverage for stolen or damaged personal possessions, third-party damages or injuries that you are found liable for, and the cost of securing alternative living arrangements in the event that your rental is temporarily uninhabitable.

  • Do you really need it?

In short, yes.  Renters insurance is one of the essential coverages that you cannot afford to overlook.  For starters, some landlords will not allow you to sign a lease agreement until you can provide proof of renters insurance.  However, even if your landlord does not require coverage, you should still secure a renters policy.  Having the right renters insurance will ensure that you do not lose money or compromise your assets when facing issues that are out of your control.  Additionally, as one of the most affordable types of coverage on the market, everyone can afford to pay for a renters policy.  When you look at it objectively, there’s no reason why you cannot spare $5-$10 a month for financial protection and peace of mind.

This is why renters insurance is a worthwhile investment for you.  Do you have additional inquiries about renters insurance coverage?  Then contact the experts at 01 Insurance in Astoria, New York.  Our dedicated team is eager to assist you with all your personal coverage needs today.