Why Every Renter Should Have Renters Insurance
While most homeowners carry insurance on their home, it's a different story for many renters. During a 2013 poll, the Insurance Information Institute found 35% of renters have insurance. Condo owners that aren't required by their HOA to have insurance often skip buying a policy as well.
Though it may not be popular, renters insurance is important. There are a number of reasons you should consider a renters insurance policy to cover your belongings.
Personal Property
Orlando Homes for Sale
Image courtesy Jeroen van Oostrom, freedigitalphotos.net
Most renters believe they are covered by their landlord's insurance, however this isn't true. Your landlord's insurance protects the building, but it doesn't cover your personal property. That means if a pipe bursts in the wall, your landlord's policy will pay to fix the pipe and the damage to the wall, but won't cover the water damage to your couch, TV, or other property. You'll need your own insurance to protect your belongings. Likewise, if you have property stolen from your home, the theft will only be covered by your policy.
A renters policy will also cover your personal property when you're away from home. For instance, if your suitcase is stolen out of your car while you're on a trip, it falls under your renters insurance. Your policy also covers your child's belongings while they live away from home in a college dorm.
Liability
Renters insurance offers liability protection. For instance, you can be sued by someone who tripped over your antique rug and was injured in the fall. Likewise, you can be liable if your dog bites someone. In both of these cases, your renters policy can protect you from lawsuits.
Living Expenses
Another important feature of renters insurance is that it can cover living expenses if your home is damaged and you have to move out during repairs. Some repairs can take weeks, even months, and temporary living expenses can add up during that time.
Cost
Many renters shy away from insurance because they think it will be expensive. In reality, renters insurance is relatively affordable. Shop around for a policy and take advantage of any discounts available. You're likely to pay around $200 to $300 a year.
Like any insurance, shop around before you buy, and make sure you understand what your policy covers. The right renters insurance can give you tremendous protection for a small amount of money.
Are you ready to buy a home? Visit our Orlando Real Estate website to view our current listings or Weichert Hallmark at (800) 409-7368.
Though it may not be popular, renters insurance is important. There are a number of reasons you should consider a renters insurance policy to cover your belongings.
Personal Property
Orlando Homes for Sale
Image courtesy Jeroen van Oostrom, freedigitalphotos.net
Most renters believe they are covered by their landlord's insurance, however this isn't true. Your landlord's insurance protects the building, but it doesn't cover your personal property. That means if a pipe bursts in the wall, your landlord's policy will pay to fix the pipe and the damage to the wall, but won't cover the water damage to your couch, TV, or other property. You'll need your own insurance to protect your belongings. Likewise, if you have property stolen from your home, the theft will only be covered by your policy.
A renters policy will also cover your personal property when you're away from home. For instance, if your suitcase is stolen out of your car while you're on a trip, it falls under your renters insurance. Your policy also covers your child's belongings while they live away from home in a college dorm.
Liability
Renters insurance offers liability protection. For instance, you can be sued by someone who tripped over your antique rug and was injured in the fall. Likewise, you can be liable if your dog bites someone. In both of these cases, your renters policy can protect you from lawsuits.
Living Expenses
Another important feature of renters insurance is that it can cover living expenses if your home is damaged and you have to move out during repairs. Some repairs can take weeks, even months, and temporary living expenses can add up during that time.
Cost
Many renters shy away from insurance because they think it will be expensive. In reality, renters insurance is relatively affordable. Shop around for a policy and take advantage of any discounts available. You're likely to pay around $200 to $300 a year.
Like any insurance, shop around before you buy, and make sure you understand what your policy covers. The right renters insurance can give you tremendous protection for a small amount of money.
Are you ready to buy a home? Visit our Orlando Real Estate website to view our current listings or Weichert Hallmark at (800) 409-7368.