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Top 10 Reasons Why You Should Get Renter’s Insurance

Top 10 Reasons Why You Should Get Renter’s Insurance

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 March 13, 2019

How to Get out of a Rut: 12 Useful Ways to Get Unstuck

How to Get out of a Rut: 12 Useful Ways to Get Unstuck

Have you gotten into a rut before? Or are you in a rut right now?

You know you’re in a rut when you run out of ideas and inspiration. I personally see a rut as a productivity vacuum. It might very well be a reason why you aren’t getting results. Even as you spend more time on your work, you can’t seem to get anything constructive done. While I’m normally productive, I get into occasional ruts (especially when I’ve been working back-to-back without rest). During those times, I can spend an entire day in front of the computer and get nothing done. It can be quite frustrating.

Over time, I have tried and found several methods that are helpful to pull me out of a rut. If you experience ruts too, whether as a working professional, a writer, a blogger, a student or other work, you will find these useful. Here are 12 of my personal tips to get out of ruts:

1. Work on the small tasks.

When you are in a rut, tackle it by starting small. Clear away your smaller tasks which have been piling up. Reply to your emails, organize your documents, declutter your work space, and reply to private messages.

Whenever I finish doing that, I generate a positive momentum which I bring forward to my work.

2. Take a break from your work desk.

Get yourself away from your desk and go take a walk. Go to the washroom, walk around the office, go out and get a snack.

Your mind is too bogged down and needs some airing. Sometimes I get new ideas right after I walk away from my computer.

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3. Upgrade yourself

Take the down time to upgrade yourself. Go to a seminar. Read up on new materials (#7). Pick up a new language. Or any of the 42 ways here to improve yourself.

The modern computer uses different typefaces because Steve Jobs dropped in on a calligraphy class back in college. How’s that for inspiration?

4. Talk to a friend.

Talk to someone and get your mind off work for a while.

Talk about anything, from casual chatting to a deep conversation about something you really care about. You will be surprised at how the short encounter can be rejuvenating in its own way.

5. Forget about trying to be perfect.

If you are in a rut, the last thing you want to do is step on your own toes with perfectionist tendencies.

Just start small. Do what you can, at your own pace. Let yourself make mistakes.

Soon, a little trickle of inspiration will come. And then it’ll build up with more trickles. Before you know it, you have a whole stream of ideas.

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6. Paint a vision to work towards.

If you are continuously getting in a rut with your work, maybe there’s no vision inspiring you to move forward.

Think about why you are doing this, and what you are doing it for. What is the end vision in mind?

Make it as vivid as possible. Make sure it’s a vision that inspires you and use that to trigger you to action.

7. Read a book (or blog).

The things we read are like food to our brain. If you are out of ideas, it’s time to feed your brain with great materials.

Here’s a list of 40 books you can start off with. Stock your browser with only the feeds of high quality blogs, such as Lifehack.org, DumbLittleMan, Seth Godin’s Blog, Tim Ferris’ Blog, Zen Habits or The Personal Excellence Blog.

Check out the best selling books; those are generally packed with great wisdom.

8. Have a quick nap.

If you are at home, take a quick nap for about 20-30 minutes. This clears up your mind and gives you a quick boost. Nothing quite like starting off on a fresh start after catching up on sleep.

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9. Remember why you are doing this.

Sometimes we lose sight of why we do what we do, and after a while we become jaded. A quick refresher on why you even started on this project will help.

What were you thinking when you thought of doing this? Retrace your thoughts back to that moment. Recall why you are doing this. Then reconnect with your muse.

10. Find some competition.

Nothing quite like healthy competition to spur us forward. If you are out of ideas, then check up on what people are doing in your space.

Colleagues at work, competitors in the industry, competitors’ products and websites, networking conventions.. you get the drill.

11. Go exercise.

Since you are not making headway at work, might as well spend the time shaping yourself up.

Sometimes we work so much that we neglect our health and fitness. Go jog, swim, cycle, whichever exercise you prefer.

As you improve your physical health, your mental health will improve, too. The different facets of ourselves are all interlinked.

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Here’re 15 Tips to Restart the Exercise Habit (and How to Keep It).

12. Take a good break.

Ruts are usually signs that you have been working too long and too hard. It’s time to get a break.

Beyond the quick tips above, arrange for a 1-day or 2-days of break from your work. Don’t check your (work) emails or do anything work-related. Relax and do your favorite activities. You will return to your work recharged and ready to start.

Contrary to popular belief, the world will not end from taking a break from your work. In fact, you will be much more ready to make an impact after proper rest. My best ideas and inspiration always hit me whenever I’m away from my work.

Take a look at this to learn the importance of rest: The Importance of Scheduling Downtime

More Resources About Getting out of a Rut

Featured photo credit: Joshua Earle via unsplash.com

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