While homeowner policies are pretty standard for those who own houses, many people choose to forgo insuring their possessions and property when they are in a rental unit. That can be a big mistake. Accidents can happen just as easily in an apartment or rental house as they can in a home you own. Research into what a renters policy covers shows these three important reasons you should consider purchasing coverage.
1. It Can Help Replace Damaged Property
Most people would not be able to replace all their possessions if they were to be damaged. Renters insurance pays to replace or repair personal possessions that get damaged through listed causes such as fire, vandalism, theft, smoke, water, and severe weather.
2. It Provides for Temporary Housing
When a disaster makes your home to be inhabitable, you need to secure temporary housing. Without renters insurance, you will be responsible for those costs. Considering that they come on top of the expense of replacing your possessions, the cost may be more than you can manage.
3. It Limits Your Liability for Injuries or Accidents
If someone is hurt in your home, even if it is a rental unit, you may be liable for costs associated with the injury. That can include medical and legal expenses. A renters policy limits your liability and covers those expenses.
Insurance should be considered a standard purchase for individuals living in rental housing. The right policy can help you manage unexpected expenses and limit your liability in the case of an accident.