3 Reasons You Need Renter's Insurance

If you are renting a house or an apartment, you might be wondering if you need to get renter's insurance. In most cases, the answer is yes! Renter's insurance is a great way to protect yourself from a potentially difficult situation. Here are 3 reasons why you should get renter's insurance:

1. Your Landlord's Policy Will Not Cover You

The only reason the landlord holds property insurance is to cover their own property. This means that if the place burns down, all of their property will be covered, but everything in that house that belongs to you will not be. This can be very expensive for you. Think about how many assets you would lose if there were some sort of disaster.

For this reason, you should get renter's insurance. When you talk to insurance brokers, they will go through all of your belongings and possessions that will be in the rental space. Then you can get rest assured that your policy contains accurate coverage for all your valuables. 

2. You May Still Face Liability Claims Even Though You Don't Own the Property

Imagine that someone happens to slip and fall on your front porch, while you are renting the property. Even though the landlord is in charge of the building, your contract could still hold you accountable for taking care of your rented area. You could be be held responsible for a hurt party's medical bills if you are negligent. Some renter's polices can help cover liability issues as well as medical bills for people who might have been hurt on the property.If you are not covered through a renter's insurance policy, you will have to pay for these kinds of expenses out of pocket

3. Renter's Insurance Helps With Emergency Relocation

What if your rental space becomes uninhabitable because of a fire, mold, or a pest infestation? In some cases, there may be a clause in your rental contract that states that the landlord has to help with relocation, but if not, you might be on your own. If you need help finding a new place and covering the cost of that new home, you might have to rely on your insurance policy. 

When you get a renter's insurance, make sure that it will cover relocation. This may not be something that you think of beforehand, but it can be lifesaving in the case of an emergency. For these reasons, and many more, you should have a renter's insurance policy.