There’s nothing worse than getting the voicemail that you’re not getting your security deposit back, especially when you were counting on it as your nest egg for your next place.
It’s hard to anticipate accidents happening, and even harder to accept that they do. While it might feel overwhelming to think about having insurance coverage for every area of our lives, there’s a reason that you hear about it.
Renters insurance is an investment that is silent but valuable. The idea is that we hope to never need it. It provides the coverage needed to defer financial responsibility in the event of an accident.
Let’s face it, it’s not your home. And if you can avoid going into debt or bad rental standing by opting for insurance, then you’d be ill-advised to not take the opportunity.
Here’s a list of 5 unexpected reasons you should get connected with renters insurance.
1. Coverage Where You Need It
Renters insurance can be the buffer between you and the liability of the home that you’re renting. This protection covers all sorts of damage, accidents, and everything in between.
You can find peace in having coverage in the event of an injury at your home- either yourself or someone else. It can also provide relief for any court-related fees as a result. Not only are you avoiding a potential lawsuit, but you’re practicing financial self-preservation while doing so.
Renters insurance can also cover accidental damage to the home. Let’s say you and your partner are removing a very heavy armoire into the living room, and the dolly that came with the truck wasn’t stable.
If that armoire falls and breaks through the floor, you don’t have to worry about footing that bill. Renters insurance liability coverage also supports theft, water damage, natural disaster damage, and more.
2. Landlord Request
Renters insurance is so helpful that your landlord might be charging it in your monthly rent without you even knowing it. Because it’s so affordable, it makes sense that landlords would create a safety net for their tenants.
While not every landlord requires it, many will set it as an expectation before the lease is signed. This protects both the landlord, the tenant, and guests in the home.
Instead of having to dish out an exorbitant amount of money when your lease is up, being reissued your entire security deposit will feel so good.
It shows that your rental history is in good standing and will definitely help your nest egg for the next home you may rent.
3. Economically Friendly
Basic property insurance is so much more affordable than people assume it is.
In fact, it’s cheaper than car insurance in many states. The average policy for renters insurance runs at about $180 per year according to the National Association of Insurance Commissioners.
Depending on how much coverage you need, at the most, your premium for the year will be very small compared to other insurances you might be paying for. When you compare this yearly premium to the cost of replacing the hardwood floor your dog destroyed, it feels quite reachable.
With liability protection and a break for your wallet, renters insurance can transform the financial responsibility of the home you’re renting.
4. Loss of Use
From hurricanes to theft, there could be extenuating circumstances that require you to temporarily be rehoused. While this burden is exhausting by nature, knowing that you are financially covered during this time can help you manage this transition a little easier.
In the event that you are displaced while renting your home, you have options for coverage with renters insurance.
We know the pretty penny spent on a vintage couch. Most of us can’t afford to replace our expensive possessions, let alone replace the value of the memories they hold. If your home were to catch on fire due to a wiring issue, your coverage will afford you security.
It will pay for all expenses incurred in this scenario. Food, lodging, fuel, and everything related to having to temporarily re-home.
5. Alleviates Stress and Curbs Financial Burden
We’re living in an era where any chance we get to take a deep breath is a moment of relief. Living intentionally to mitigate our stress levels is very 21st-century of us.
Financial stress is the number one weight on people’s shoulders according to a recent study. And with stress being among the top silent killers, we should be deflecting it at every corner we’re able to.
The simple fact of knowing you are safe and secure can lower your heart rate and help you achieve a restorative night’s sleep.
When you opt for renters insurance, you have one less stressor on your plate, freeing your focus up for more pressing matters like taking care of yourself and your family.
Your coverage will step in in the event of an emergency, so there’s no need to put emergency savings aside specifically for home damage.
The Best Renters Insurance Is in Your Hands
If you’re looking for high-quality cheap renters insurance, look no further.
With this type of rental property liability insurance coverage, you are guaranteed the support you need to protect you, your loved ones, and your assets. It’s hard to fathom a situation where you would need to utilize renters insurance.
Yet, it’s better to be safe than sorry. In the best-case scenario, you have the coverage you need, and it’s better to have and not need than the other way around.
To learn more about renters insurance, contact us here. We’re ready to support you.
