Why Renters Insurance is a Must in 2019

By  //  February 11, 2019

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Renters insurance is becoming more and more popular in 2019. People are finally realizing the benefits that this type of insurance offers. People who rent apartments also need to protect themselves and their property from harm.

Renters insurance is becoming more and more popular in 2019. People are finally realizing the benefits that this type of insurance offers. People who rent apartments also need to protect themselves and their property from harm.

If you want to secure your possessions within your apartment as well as some of the things outside of it, then you will have to get renters insurance as well. Renters’ insurance is also very cheap considering how useful it is. The average price goes from somewhere around $10 to $20 per month.

Check out what rental insurance by Lemonade has to offer and learn about the details. On the other hand, in this post, we are going to talk about what rental insurance covers you for.

Theft and burglary

All of your possessions in your apartment are covered by renters insurance from theft. In most cases, all renters policies cover your possessions inside the apartment in case of a burglary, or when you have items stolen while traveling, or from your car.

Still, not all renters insurance policies are the same and they have a different approach to thefts and burglaries.

Still, if you want to protect yourself from these kinds of situations and you live in a dangerous neighborhood, there are many options for improving your coverage and adjusting your policy so that you can file an insurance claim for burglaries and theft.

Loss of use

These types of insurance policies also cover people for their living expenses in situations where they are forced to leave their homes due to a severe accident that has made their living space uninhabitable.

For example, if a tree crashes on your home and breaks the roof, or if there is a large flood, the insurance will cover it.

When your home needs serious repairs until you can move back in, the loss of use clause covers your living expenses. This includes renting a part-time place to stay in, your food, and any additional expenses you might have during this period.

Liability

The liability coverage which comes with renters insurance covers all of the expenses for damaged property and bodily injury that were caused by someone’s negligence. For example, in case you have a pet and he or she bites your neighbor, this type of insurance will cover their health expenses. This is one of the reasons why you need to protect yourself with this type of insurance.

But when it comes to intended or expected injuries such as hitting your neighbor with a ball, someone getting poisoned by food in your apartment, or an injury caused by a vehicle, this insurance will not cover for your expenses.

Fire and water damage

Fire

Imagine this. One day, you come back home from work and see fire trucks parked in front of your building and firefighters running around. You soon learn that there was a fire in the apartment near yours as your neighbor forgot to turn off the oven which caused an electrical issue.

Even though your apartment hasn’t burned as a whole, the fire caught a lot of the stuff you had in it and damaged your clothes, tables, sofa, and so on. With renters insurance, you will get the money for these damages as well as the cash you need to rent a place to stay until you can move back in.

Water

On the other hand, one of the most common issues that happen in apartments and can potentially cause a lot of damage are broken pipes. If you are not at home and this happens, by the time you get back home, your whole apartment along with all of your stuff might get flooded and damaged.

Unless the water damages were caused directly by you or your actions, everything will be covered. On top of that, with both fire damages and water damages, it is important to have some sort of coverage as landlords’ insurance doesn’t cover these kinds of expenses.

Personal injury

Picture a scenario where you just moved in your new rental apartment and, a couple of days later, your new nosy neighbor knocks on your door.

You open up the door, welcome him in, and talk about the neighborhoods and how things work in your new building when suddenly, he slips on your floor and falls down in your apartment hitting his head.

He hit his head so bad that there is an obvious need for stitches. The renters insurance will cover for your liability and you will be able to pay for the injuries of your neighbor. With most renters insurance policies, the liability coverage can go from $100k and up to $500k but it’s possible to get even more if you really want.

These are some of the most important coverages of renters insurance and why you should obviously have one in 2019. Get one while it’s cheap!

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