If you want to protect your stuff in your rented apartment and outside of it, the best course of action for you would be to buy renter’s insurance. If you are considering getting this kind of insurance but you don’t know what you will get for your money, read the instructions below.
If you still don’t understand everything about this type of coverage and would like to learn more, this is the ultimate guide to renters insurance coverage you should read. So let’s see how renter’s insurance can secure your property.
What does renters insurance cover?
Renter’s insurance I a great coverage that can protect you against a lot of different disasters such as:
- Fire damages
- Lightning damages
- Explosions
- Riots
- Civil disorder
- Property damages caused by vehicles
- Theft
- Snow
- Vandalism
- Wind damages
- Water damages
- Electrical surges
However, renter’s insurance isn’t only meant to protect tenants from thefts, break-ins, and natural disasters but it also covers them from any liability if someone gets hurt in their apartment. In case this happens, the insurance will cover the medical bills of the claimant.
On top of that, it can also cover expenses in case of a lawsuit. However, this coverage can vary from one specific policy to another. This insurance also protects people in case they damage the property of their neighbors by accident.
How many people buy renters insurance?
In 2014, around 35% of renters had renter’s insurance, however in 2016 this percentage grew to 41% and the trends are showing that more and more people are going to buy in the future. Simply put, a lot of people still don’t know about renter’s insurance and think that it’s very expensive and that they can’t afford it.
At the same time, given the fact that this insurance coverage is still not that popular, the prices are very cheap and insurance companies are looking to offer great deals. As the number of insurers keeps growing, buying one as quickly as possible would be a bargain at the moment.
What’s the procedure and how much does it costs?
The process of getting renter’s insurance is quite simple, you just have to find a good insurance company and apply for this policy. Apart from providing the necessary documents and information about you, your apartment, location, and so on, you will also have to provide a written list of all of the property that you own.
Additionally, some insurance companies will pay you a visit to determine that you have all the property you included or you can send them a video recording of the things you have in your apartment. At the moment, the average price for renter’s insurance is around $15 per month or $195 annually.
Is there an alternative?
Most people who don’t have a lot of property think that paying $15 per month is too much for them and that they don’t really need to “waste” that money. This is why a lot of people decide to self-insure themselves as an alternative to renter’s insurance. However, a lot of them don’t understand that even the basic property that everyone has costs a lot.
This means that when a simple fire happens and only a few things get damaged, you might end up spending your whole self-insurance coverage. This means that you will be basically left without any insurance. On top of that, self-insurance doesn’t offer liability coverage and it is very expensive if added to the policy.
Who is it recommended for?
Renter’s insurance is good for anyone, as it is very flexible and offers liability coverage. At the same time, it also protects your property outside of your home. Since it covers theft, it provides reimbursement for stolen laptops while outside of your home and so on. Even if you have stuff in your car and it gets stolen, this insurance will cover it.
A group of people that can especially benefit from this kind of insurance is parents, as explained in this article. If you insure your kids and they break the neighbor’s window or they leave the water on in the bathroom, the policy will cover it. These are only the basic coverages this type of insurance offers and it can be extended on other valuables as well.
Conclusion
Getting renter’s insurance is a must if you want to protect your possessions. At the same time, it’s very affordable and it won’t impact your budget in any drastic way.
