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Top 10 Reasons Why You Should Get Renter’s Insurance

Top 10 Reasons Why You Should Get Renter’s Insurance
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With 35% of the U.S. population in rental units, it’s a no-brainer that those individuals should get some rental insurance. Yet according to a recent survey, more than half of renters between the ages of 23 and 29 do not have insurance, which puts them at a huge risk. There are a lot of things that are beyond your control even if you are within your own space. In any situation, you want to secure your property and belongings.

Renter’s insurance provides financial protection for loss or damage of properties. The type of insurance product would vary depending on the kind of property you are occupying and perhaps even the belongings you want to be covered. In the case of a rented property, the tenant will have to purchase what is referred to as renter’s insurance.  Luckily for tenants, it is convenient to get insurance quotes online these days.

What You are Held Liable For

While the owner of the property or the landlord has the obligation to provide insurance coverage for the structure and other common areas of your rented property, the tenant will have to make provisions for his own personal belongings and anything that happens within the confines of his rented space.  Accidents, misdemeanors, and crimes committed inside your unit are also your liabilities.

Choose a Coverage that Best Fits Your Needs

Renter’s insurance is one of the most affordable types of property insurance, and it’s coverage is specifically designed for tenants. It provides coverage for the tenant’s personal belongings, as well as for accidental injuries sustained within the confines of his rented space.The basic coverage, of course, would include coverage for loss or damage of property due to fire.

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According to a personal injury attorney, typical hazards that a landlord could be liable for are uneven staircases, poor lighting, lack of snow and ice removal, lack of working fire alarms, faulty wiring, and blocked emergency exits. Landlords may or may not choose to require renter’s insurance from their tenants.

Whether or not the law requires it, it would be to the tenant’s best interest to purchase renter’s insurance. Websites focused on renter’s insurance make it really easy to compare insurance quotes online.

Top 10 Reasons to Purchase Renter’s Insurance

On the average, renters pay only a few hundred dollars a year for an insurance policy that gives $500,000 for liability coverage and $20,000 for property coverage.  Here are some of the reasons why you should seriously think about getting renter’s insurance:

1. Protection for your guests.

This is especially applicable if you have pets.  You are liable when your guests are accidentally bitten by your pet while they are in your premises.  There are states with dog-bite statutes that require you to compensate your guest in such instances.  Renter’s insurance financial benefits for such personal accidental injury as well as for any other accidental injuries sustained within your rented property.

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2. Provision for the repair or replacement of stolen items.

According to this insurance study, in a typical two bedroom apartment, the total value of clothing, electronics, jewelry, appliances, and other possessions comes to around $30,000 or $40,000. In case of theft or burglaries, your renter’s insurance policy will give you cash benefits to allow you to replace the lost items.  However, it must be shown first that the landlord was not lax with security and that you meet the coverage limits stated in the policy.

3. Provision for the repair or replacement of items damaged due to natural disasters.

The landlord would have to shoulder the cost of repairs for any damages to the property’s structure in case of a natural disaster like a tornado, hail storm, or wildfire. You would have to shoulder the costs of restoring or replacing your damaged personal belongings.

If your rented property is likely to be hit by any of these risks, check if they are covered by the policy.  Some insurance policies allow policyholders to purchase riders to cover damage due to hurricanes, earthquakes, floods, and volcanic eruptions.

4. Coverage for fire damage due to short-circuits.

Electrical issues leading to a fire are usually not covered by landlords.  If the culprit is the electrical wiring and not your misuse of the electrical system, your landlord can be held liable. Negligence on your part can make you liable not only for your belongings but also for the damaged part of the house.

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5. Coverage for extended fire.

If the damage due to a fire that started from your own unit spreads to other occupants of the building, the more liability you will incur. Sometimes, it surely pays to have more expensive coverage.

6. Coverage for damage you caused.

It can’t be helped. Renters also cause unintentional damage to their properties. Water overflowing from the wash room, falling items because they were not properly secured, and breaking glass fall under this category. If these happen and they ruin the sofa or the carpet, you can call in your insurance company to shoulder the cost of repair or restoration.

7. Coverage for sewer drainage damage.

Overflowing sewer drainage may be caused by clogged items inside. You can get additional coverage for this, for an additional cost.

8. Coverage for extended theft.

This special coverage is applicable to stolen items that were not placed inside your rented space. You need this if you have items that are stashed away in storage areas outside your rented property, in your car, or in a trailer.

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9. Provision in case you need to look for temporary lodging.

Certain events can force you to leave home and temporarily stay in a hotel and eat in some restaurants. If that happens and you have purchased this special coverage, your insurance company is liable to give you a refund. Note, however, that there could be limits to the maximum amount that you can get.

10. Provision for frozen plumbing, water sprinklers, heating, or air conditioning system.

Low temperatures can get any of these systems to freeze. When that happens, any of your valuable appliances is vulnerable to damage. You can get coverage for this contingency in your renter’s insurance policy.

The bottom-line is that you never really know what could happen. Being caught unprepared can mean huge expenses on your part. Prepare wisely by purchasing ample renter’s insurance coverage. It will save you from a lot of headaches and financial worries.

Featured photo credit: Multicolor apartments/Esteban Chiner via flic.kr

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Paisley Hansen

Freelance Writer

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Last Updated on July 12, 2021

100 Incredible Life Hacks That Make Life So Much Easier

100 Incredible Life Hacks That Make Life So Much Easier
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Want to learn some quick and easy life hacks that are easy to do, low cost and saves you time?

By tweaking little things in your daily life, it can make your life much more convenient!

Here’re 100 of the most practical life hacks so you can just pick up any of them right away!

83 tie a small piece of bright colored fabric

    84 write random letter

      85 use a rubberband

        86 dorm smell bad

          87 lean your phone on your sunglassess

            89 how to waterproof your shoes

              90 take a picture of the name card

                91 iron inside out

                  92 old newspaper

                    93 tumble try shoes

                      keep a card like this

                        SONY DSC

                          94 soap bar

                            95 make a hole

                              96 drop the battery

                                97 use a coozie

                                  98 when taking a picture

                                    use a clean dust pan

                                      try a pants hanger

                                        use your cellphone light

                                          use a spring from an old pen

                                            quick and easy iphone speaker

                                              user binder clips

                                                wrap a wet paper towel around your beverage

                                                  put pancake mix in a ketchup bottle

                                                    clean out an old lotion bottle for your beach

                                                      use a muffin tin to serve condiments at a bbq

                                                        doritos are great for kindling

                                                          use nail polish to identify different keys

                                                            use a hanging shoe rack to store cleaning supplies

                                                              freeze grapes to chill white wine without

                                                                use paper clips to organize your cables

                                                                  almost finished your jar of nutella

                                                                    sick of having a box full of tangled

                                                                      unroll the rim to increase the capacity

                                                                        cut open toilet paper rolls and use as a cuff

                                                                          remove the stem from strawberries

                                                                            turn an old bottle into a simple little cord holder

                                                                              for iced coffee and iced cappuccino, use frozen coffee cubes

                                                                                how to fold a fitted bed sheet

                                                                                  tired of snoozing past your alarm

                                                                                    place a rubber band around an open paint can to wipe your brush on

                                                                                      ut a wooden spoon across a boiling pot

                                                                                        use bread clips to save flip-flops

                                                                                          take pictures of friends holding items

                                                                                            how i always know which headphone is the left one

                                                                                              put a stocking over the end of a vacuum

                                                                                                How to make sure you drink enough water

                                                                                                  user a can opener to open blister

                                                                                                    good sandwich guide

                                                                                                      turn your muffin pans upside down

                                                                                                        50 pounds of groceries and living on the 5th floor

                                                                                                          the right way to make a blt

                                                                                                            add one teaspoon of baking soda

                                                                                                              38

                                                                                                                hair straighteners equals to collar irons

                                                                                                                  stack your clothes vertically to see them all

                                                                                                                    the right way to make cookies in the summer

                                                                                                                      how to clean a blender

                                                                                                                        the right way to eat a popsicle

                                                                                                                          use bread clips to label and organize power cords

                                                                                                                            to get the built up residue off of your shower head

                                                                                                                              user a hair clip to orgainize long wires

                                                                                                                                a frozen saturated sponge in a bag

                                                                                                                                  rub stuck zipper teeth with a graphite pencil

                                                                                                                                    use a soda pop tab

                                                                                                                                      50

                                                                                                                                        51 How to multiply large numbers in your head.

                                                                                                                                          52 How to open a bottle if you dont have a corkscrew.

                                                                                                                                            rub a walnut on damaged wooden furniture

                                                                                                                                              kids fall out of bed

                                                                                                                                                use toothpaste to clear up hazy car

                                                                                                                                                  58

                                                                                                                                                    59 keep pizza out while driving home

                                                                                                                                                      60 put your straw through the tab to keep it from rising

                                                                                                                                                        hold oreos with a fork so your fingers

                                                                                                                                                          Never lose your remotes again

                                                                                                                                                            hiding your emergency money

                                                                                                                                                              use a bread tab to hold your spot on a roll

                                                                                                                                                                if you are at a hotel and run out of chargers

                                                                                                                                                                  keep a square of cardboard in a ziplock bag

                                                                                                                                                                    If you need to pee or smoke at a bar

                                                                                                                                                                      drill holes in the bottom of your garbage

                                                                                                                                                                        use an accented letter as your passcode

                                                                                                                                                                          use a squeeze ketchup bottle top with your shopvac

                                                                                                                                                                            do something unusual when locking the door

                                                                                                                                                                              when heating leftovers space out a circle in the middle

                                                                                                                                                                                dont burn yourself in those hard to reach candles

                                                                                                                                                                                  put a small amount of water in a glass when you microwave your pizza

                                                                                                                                                                                    75 use a piece of paper to organize

                                                                                                                                                                                      use half a pool noodle

                                                                                                                                                                                        pencil case to store cables

                                                                                                                                                                                          78 clothespin to hold nail

                                                                                                                                                                                            79 make blts

                                                                                                                                                                                              80 take a picture of your fridge

                                                                                                                                                                                                81 fill plastic water bottles

                                                                                                                                                                                                  82 right ways to eat chips

                                                                                                                                                                                                    99 if your plug keeps failing

                                                                                                                                                                                                      100 put the banana on the wire

                                                                                                                                                                                                        88 before you throw away a post it

                                                                                                                                                                                                          Source: Reddit LifeProTips

                                                                                                                                                                                                          There you go, 100 awesome life hacks that you can try right now to make your life a lot easier!

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