Renters Insurance – How Beneficial It Is For Homeowners?
Renters insurance is more of a commodity than a luxury these days. Aside from life insurance, people must insure their household goods and possessions as well. It’s worth nothing that the insurance policy of the landlord is only covering the house and not the items inside it. To give you an example, the insurance policy of the landlord will be covering the walls, floors and ceilings but it will not cover the computers, furniture, TVs, exercise equipment, music players, household appliances and so on.
Household accidents are similar to car accidents that it is not just your behavior that causes the accident. There are times that people have to pay for other’s mistakes. It seems that you are following a safe lifestyle but remember, other people’s action are beyond your control. It just takes a small fire to bring a building down to soot.
This is the reason why it is extremely important to have renters insurance. Say for example that you’re living in a condo unit or apartment, then you should consider buying renters insurance policy. In most instances, this will include fires, storms, explosions, theft, hail, volcanoes, riots, lightening, damages that lead from water damage, electrical surges as well as falling objects. You can figure out exactly what is covered in your policy by talking to your insurance agent.
You’ve got to list down all your belongings and keep it in a secure and safe place if you’re thinking of buying such insurance policy. With such insurance in hand, you will have coverage for your furniture, tools, jewelry, electronics, musical instruments and various other household items. When creating a list of all the valuables, you will realize soon that it takes big amount of money to replace them all if something bad happens.
Compared to what most people think, renters insurance policy is not that expensive. Well in reality, it costs less than buying homeowner’s insurance. You will get quotations for policy by simply contacting the insurance provider. Moreover, this allows you to talk to the insurance agent and be able to get answers to your queries and other concerns.
A common policy might cost you from anywhere around 150 to 300 dollars annually. Not only that, there are a lot of insurance providers that offer discounts to policyholders who are taking security and safety precautions. For example, you can get a discount if you have fire alarms, fire extinguishers or security systems.
Fact is that, renters insurance cover living expenses too meaning, if your condo unit or apartment becomes unlivable for whatever reason, the insurer will pay you for your living expenses.