The Risks of Going without Renters Insurance

If disaster strikes and damage occurs to a home, renters are faced with the same risks that homeowners have. Your landlord or condo association may have insurance, but this protects only the building, not your things in it. Protect your belongings with renters insurance in case of disaster.

Protection against theft and destruction to personal belongings, including televisions and computers, and liability, which defends renters from judgments that go against them in the event that someone is injured on their property are the two most common components of renters insurance.

Management companies and landlords also understand the value of renters insurance. Nearly 20 percent surveyed said it is mandatory at their apartment community, although most would likely prefer residents to carry renters insurance.

Improvements made by your landlord are protected by their insurance policy. Improvements made by you are not covered though. Don’t expect to be compensated if you’ve installed a new closet organizer or made other changes to your living quarters that are damaged in the event of an accident. The only thing that can give you coverage for that is your tenants insurance.

Your landlord isn’t responsible for paying your living expenses in the event when you can’t continue to live in your rented dwelling while an insurance claim is being settled or repairs are being made. This includes cases of fire, theft, vandalism, etc. While repairs are being made in the case of an accident, with tenant insurance, your insurance provider will help to cover your living expenses. While the claims process progresses and repairs are being made, this will ease the financial burden to you and keep you in the lifestyle to which you are accustomed.

When you consider what is actually being protected, the cost to obtain renter’s insurance is not typically that high. One of the most important things that any renter can do is get this type of insurance, especially if the others sharing the apartment could cause problems.

Now commonplace in most people’s possessions are laptops, mobile phones, and other electronic gadgets. It will cost you a fortune to replace them, especially when you compare this with the insurance premiums cost. Accidents can happen and if they occur on or off your premises, the legal and medical expenses can wipe out a lifetime of savings. Coverage in the renters’ policy includes medical coverage and personal liability per occurrence.

A higher deductible-the amount you pay before coverage kicks in-will have lower premiums on the policy. Consider taking the risk of a higher deductible, and saving to cover the deductible in your savings account. Just make sure you’re realistic. Will it be possible for you to pay $1,500 in unplanned expenses if you have to? If not, opt for higher premiums and a lower deductible.

We all think it won’t happen to us, but these things happen everyday to someone. These easy steps will protect you.

To learn more, visit insure your rental, or if you’re insuring your home visit

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