As a renter, your primary concern may be finding a property in a good neighborhood that is affordable and safe. However, unlike homeowners who have homeowners’ insurance, renters are largely unprotected financially. Therefore, these are reasons you may consider investing in renters’ insurance.
Protects Against Your Personal Losses
Homeowners’ insurance protects not only the home itself but also the personal property inside the home. Renters do not have this protection. In fact, even if their property is damaged due to an issue with the home, they have to take on the financial burden of replacing their own personal items. However, tenants insurance Woodbridge VA does protect renters against personal loss.
Therefore, if your personal items are damaged by fire, vehicles, falling objects, theft, smoke, vandalism, snow, hail or aircraft, as well as any damage caused by plumbing, heating or sprinkler systems, you can get your items replaced. Just look over the policy to ensure that all possible threats to your property are covered.
You Are Protected from Liability
If someone is injured on your property as a homeowner, your homeowners’ insurance protects you from liability, so the person cannot sue you for damages. However, renters do not have this protection. Renter’s insurance will protect you if someone is injured in your home and it will help you if you are injured there as well.
It May Be Required
Many of today’s landlords require that their tenants purchase renters’ insurance. In fact, many will require that you prove you have purchased a policy. This demand may not come from these landlords themselves. Many insurance companies require that tenants pay for renters’ insurance on the investment properties they insure. However, your landlord may be able to help you find a reputable insurance company.
It Is not Expensive
Renter’s insurance typically costs less than $200 per year. Therefore, it isn’t expensive. Your coverage type and amount as well as your deductible can affect this cost, however.
If you are renting a home or apartment, consider investing in renter’s insurance to protect yourself, your finances and your property.