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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 September 18, 2020

7 Simple Rules to Live by to Get in Shape in Two Weeks

7 Simple Rules to Live by to Get in Shape in Two Weeks

Learning how to get in shape and set goals is important if you’re looking to live a healthier lifestyle and get closer to your goal weight. While this does require changes to your daily routine, you’ll find that you are able to look and feel better in only two weeks.

Over the years, I’ve learned a lot about what it takes to get in shape. Although anyone can cover the basics (eat right and exercise), there are some things that I could only learn through trial and error. Let’s cover some of the most important points for how to get in shape in two weeks.

1. Exercise Daily

It is far easier to make exercise a habit if it is a daily one. If you aren’t exercising at all, I recommend starting by exercising a half hour every day. When you only exercise a couple times per week, it is much easier to turn one day off into three days off, a week off, or a month off.

If you are already used to exercising, switching to three or four times a week to fit your schedule may be preferable, but it is a lot harder to maintain a workout program you don’t do every day.

Be careful to not repeat the same exercise routine each day. If you do an intense ab workout one day, try switching it up to general cardio the next. You can also squeeze in a day of light walking to break up the intensity.

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If you’re a morning person, check out these morning exercises that will start your day off right.

2. Duration Doesn’t Substitute for Intensity

Once you get into the habit of regular exercise, where do you go if you still aren’t reaching your goals? Most people will solve the problem by exercising for longer periods of time, turning forty-minute workouts into two hour stretches. Not only does this drain your time, but it doesn’t work particularly well.

One study shows that “exercising for a whole hour instead of a half does not provide any additional loss in either body weight or fat”[1].

This is great news for both your schedule and your levels of motivation. You’ll likely find it much easier to exercise for 30 minutes a day instead of an hour. In those 30 minutes, do your best to up the intensity to your appropriate edge to get the most out of the time.

3. Acknowledge Your Limits

Many people get frustrated when they plateau in their weight loss or muscle gaining goals as they’re learning how to get in shape. Everyone has an equilibrium and genetic set point where their body wants to remain. This doesn’t mean that you can’t achieve your fitness goals, but don’t be too hard on yourself if you are struggling to lose weight or put on muscle.

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Acknowledging a set point doesn’t mean giving up, but it does mean realizing the obstacles you face.

Expect to hit a plateau in your own fitness results[2]. When you expect a plateau, you can manage around it so you can continue your progress at a more realistic rate. When expectations meet reality, you can avoid dietary crashes.

4. Eat Healthy, Not Just Food That Looks Healthy

Know what you eat. Don’t fuss over minutia like whether you’re getting enough Omega 3’s or tryptophan, but be aware of the big things. Look at the foods you eat regularly and figure out whether they are healthy or not. Don’t get fooled by the deceptively healthy snacks just pretending to be good for you.

The basic nutritional advice includes:

  • Eat unprocessed foods
  • Eat more veggies
  • Use meat as a side dish, not a main course
  • Eat whole grains, not refined grains[3]

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Eat whole grains when you want to learn how to get in shape.

    5. Watch Out for Travel

    Don’t let a four-day holiday interfere with your attempts when you’re learning how to get in shape. I don’t mean that you need to follow your diet and exercise plan without any excursion, but when you are in the first few weeks, still forming habits, be careful that a week long break doesn’t terminate your progress.

    This is also true of schedule changes that leave you suddenly busy or make it difficult to exercise. Have a backup plan so you can be consistent, at least for the first month when you are forming habits.

    If travel is on your schedule and can’t be avoided, make an exercise plan before you go[4], and make sure to pack exercise clothes and an exercise mat as motivation to keep you on track.

    6. Start Slow

    Ever start an exercise plan by running ten miles and then puking your guts out? Maybe you aren’t that extreme, but burnout is common early on when learning how to get in shape. You have a lifetime to be healthy, so don’t try to go from couch potato to athletic superstar in a week.

    If you are starting a running regime, for example, run less than you can to start. Starting strength training? Work with less weight than you could theoretically lift. Increasing intensity and pushing yourself can come later when your body becomes comfortable with regular exercise.

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    7. Be Careful When Choosing a Workout Partner

    Should you have a workout partner? That depends. Workout partners can help you stay motivated and make exercising more fun. But they can also stop you from reaching your goals.

    My suggestion would be to have a workout partner, but when you start to plateau (either in physical ability, weight loss/gain, or overall health) and you haven’t reached your goals, consider mixing things up a bit.

    If you plateau, you may need to make changes to continue improving. In this case it’s important to talk to your workout partner about the changes you want to make, and if they don’t seem motivated to continue, offer a thirty day break where you both try different activities.

    I notice that guys working out together tend to match strength after a brief adjustment phase. Even if both are trying to improve, something seems to stall improvement once they reach a certain point. I found that I was able to lift as much as 30-50% more after taking a short break from my regular workout partner.

    Final Thoughts

    Learning how to get in shape in as little as two weeks sounds daunting, but if you’re motivated and have the time and energy to devote to it, it’s certainly possible.

    Find an exercise routine that works for you, eat healthy, drink lots of water, and watch as the transformation begins.

    More Tips on Getting in Shape

    Featured photo credit: Alexander Redl via unsplash.com

    Reference

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