Home insurance is a policy that combines various personal insurance protections, which can include losses occurring to one’s home, or loss of other personal possessions of the homeowner as well as insurance for accidents that happen at home or at the hands of the homeowner within the policy territory. Many people would think that home insurance is something that only engages to homeowners but even the renters can apply for home insurance. There are considerable reasons why renters should have a home policy of their own. Tenant insurance is constructed exactly for the needs of people who are renting their home, and it can make a very big difference in the case of a fire, theft, or other disaster.
While your landlord may have insurance coverage on the building where you are renting, that insurance is in place to protect the structure and the landlord’s own personal liability in case someone is injured on the property. As a renter you should carry your own tenants insurance to protect your belongings from potential risk.
Insurance coverage in case of an accident causing structural damage
Your landlord certainly has insurance that covers structural damage to protect their property. But you are expected to be held financially accountable if you cause an accident (e.g. a kitchen fire, flooding caused by a bathtub running over).This can cost you a lot of money when it creates a problem for other rental properties. Renter insurance can pay for damage done in your own apartment, and cover any damages after a cooking a romantic meal can turnout in a disaster.
Renter Insurance can arrange Temporary Housing
When there are damages in the property that you have rented and you need to move out temporarily in order to repair it, renters insurance will cover this. It can accommodate you with any extra expenses when living in an alternative place. This compensation will last until you can return home. Your insurance provider will help to cover your living expenses while repairs are being made in the case of an accident, (e.g. fire, flooding).
This will ease the financial burden while the claims process progresses and repairs are being made. Most importantly it will keep you in the lifestyle that you are accustom to, so no need for any more desperation.
Renters Insurance to save your Personal Belongings
You perhaps do not consider this, but a household accident appears almost every day. If a visitor gets hurt while they are at your residence, you can get sued for liability. Do you own a dog? If it bites someone, you’ll be held accountable for their medical expenses; it will be covered by your insurance policy, rather than you trying to find the money to compensate the affected person. If you have renters insurance, it can protect you against financial loss in situations like these.
Without Renters Insurance, your Financial Future Is at Risk
If you can’t afford to rectify the damage out of pocket, it is important to get renters insurance. You can get discounts for having security features in your rental property such as smoke alarms, burglary alarms, fire extinguishers and dead bolt locks. There are other discounts applicable as well. A deal is available for everyone’s personal interest. So be convinced that this will be important to you too.
Douglas Santiago is a content writer by profession. Travel and Tourism are his topics of interest and he finds immense pleasure in writing article about apartments in Aruba.