fbpx

Back to list



The Importance of Having Renter’s Insurance



Posted on


Beginning to rent new home or apartment can be a pricey, difficult, and strenuous process that allows little to no room for mistakes.  Given all the stress incurred during this timeframe, it is important that you make the process as simple as possible so as to avoid mistakes and save time.  Finding the right renter’s insurance can be a tedious process with nerve-racking results, so choosing a company like GetAQuote to compare plans and receive the best renters insurance policy for your needs can provide you with a huge advantage in the process.

 

Why do I need Renter’s Insurance?

 

Securing your personal property against unexpected events, or covered perils, is a modern necessity that most individuals can’t live without.  Even if you live in a very safe area, there’s no way to avoid events such as a theft, break in, or even an injury by a visitor that you couldn’t control.  This is where renters’ insurance comes in, instead of having to pay for these out of pocket, you can save a lot of money by purchasing a plan that covers these situations.

 

What type of Renter’s Insurance do I need?

 

While it may sound simple to acquire renters’ insurance, it’s very difficult to determine exactly what plan you need, and through what company.  Each company has different rates based on many factors including age, location, and financials.  In each of these companies, they have many different types of insurance.  Some of the main types include coverage for personal property, liability, and additional living expenses.

 

Personal property coverage is important because it spans over the cost to repair/replace belongings including clothing, furniture, electronics, and even some jewelry in the case of certain risks such as fires.  The main consideration involved in this type is your limit, understanding that any personal property damaged or missing beyond a certain defined amount is essential to choosing the right plan. Usually, these plans can help after events such as theft, although checking the details with the respective company is a must.  These plans are also subject to deductibles, or a certain amount paid for the replacement with the rest being covered by the company.  These deductibles can be a fixed amount or based off of a percentage of the covered item’s cost.

 

Liability coverage is also very important due to the fact that it protects you from paying for visitor’s injuries or damaged property out of pocket if you are found legally responsible. While this type of insurance is less essential than personal property coverage, you cannot control if your child breaks a neighbor’s window with a ball, or if someone had fallen down your stairs and you are stuck with the medical bills.  Just like other plans, liability coverage is subject to limits, so understanding your plan can save you much time and money in the future.

 

Lastly, addition living expenses coverage is another less necessary form of renters’ insurance, although still a very good idea to purchase if your budget is within range.  Basically, in the event that you are forced out of your home due to some sort of fire, safety issue, or anything that makes the space unlivable, this form of insurance will cover any hotel bill or food purchase above what you would spend typically.