Reasons for Renters Insurance | Renters Insurance

If you're reading this blog, you were probably already looking for information on renter?s insurance and considering whether or not you should get it. After all, only you can determine which type of insurance and how much coverage you'll need and/or would like to carry. But here are a few reasons why it may make sense for you to sign up for renter's insurance.

More landlords now require their tenants to carry insurance, and this is a smart move for everyone because insurance protects the insured against the financial cost of perils that the insured generally cannot control from happening. For the most part, these perils, noted below, rarely happen. However, if and when they do happen, they can be financially and emotionally devastating to you and your life and/or career if you are not properly insured. Insurance basically exemplifies the old adage, "Better safe than sorry." That is the whole reason why your landlord will likely require you to carry insurance.

Some of the better known perils that could cause a loss are fires, broken pipes that lead to a flooded unit, or the residence getting robbed. While the landlord?s insurance policy should cover him or her for many of these issues, it probably will not cover you in the case of a loss.

But what does that mean? Well, let?s say you leave the stove on with some food and oil heating in a pot, and then you get distracted and walk away from the kitchen. The pot overheats, catches the cabinets on fire, fills the room with dark, black smoke, and the fire department responds and puts out the fire quickly. Luckily, the fire was contained to the unit you live in, but the damage might not be.

The things damaged by a small fire could include the kitchen cabinets and the stove, and the interior of your unit and maybe even the neighbor?s units could be damaged by smoke, In addition, there may be water damage from the fire department to a few units, and you and your neighbors will need places to temporarily live while it's all being fixed. This could easily run $25,000 or more, and maybe a lot more!

And guess who would be responsible for paying for the damages? You! Other perils are items like if your washing machine hose broke and flooded several units below or if a guest slipped and fell or otherwise was badly hurt on your property. This includes if your dog bit a neighbor, who then sued you for damages.?We live in a world full of risks.

The best part of renter's insurance is that financial protection against all of these things is relatively inexpensive, especially compared to how much you would have to pay if you did experience a peril while uninsured. All these items should be covered in a normal renter?s policy that only costs between $150-$250 per year. That?s a low price for a lot of protection.

Of course, read up additional information on coverage types and needs, and talk to your insurance professional. You just don?t want to realize after something happens that you were not adequately covered by having the right insurance policy in place.

Source: http://www.rentersinsurance.com/2012/02/reasons-for-renters-insurance/

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