Maybe you are renting your home and considering purchasing renters insurance or possibly your landlord is requiring you to purchase renters insurance. In either event there are some benefits to having renters insurance coverage.
The most important coverage provided by the renters policy is the liability coverage. The liability coverage defends a person from the lawsuit of a covered loss. No one ever intends to injure someone else or damage their property, but accidents do happen. The liability section of the renters policy is designed to handle these accidents. A common example is someone tripping and falling at another person’s apartment. The tenant of the apartment may or may not be at fault for the fall occurring, but the injured party could may a claim to the tenant for their injuries. The liability section of the tenant’s renters insurance policy will provide coverage for the insurance company to investigate the accident, determine if the tenant is legally liable, and handle settlement with the injured party. In this day and age there are more and more lawsuits being filed, so having the liability coverage of a renters policy is very important.
The most recognizable benefit of renters insurance is the protection of a tenant’s personal property. The renters insurance will protect personal property from a variety of losses such as fire, theft, vandalism, and more. People often times have more personal items than they realize and it costs more to replace these items than they expect. A simple example is to consider the amount of clothing in a person’s closet. Clothing is a necessity and is expensive, so if someone has to replace their wardrobe due to a fire it could easily cost them several thousand dollars. Everyone works hard to be able to purchase the items they own and renters insurance can provide the funds to replace the items if a loss ever occurs.
Another benefit of the renters insurance is the loss of use coverage. The loss of use coverage provides funds for the additional expenses that an individual may occur if they are unable to live in their home due to a covered loss. An example would be if there is an apartment fire and the tenants are forced to move from their home. They may have to stay in a hotel or another apartment temporarily while repairs are being done. The tenants may incur expenses they would not normally incur such as the cost of dining out, the cost to stay in a hotel, or the cost to have utilities hooked up at a temporary residence. The renters insurance provides coverage for these additional expenses that would not have been incurred if it had not been for the fire at the apartment.
The affordability of renters insurance is also a benefit. Most renters insurance policies are very reasonably priced. Along with being reasonably priced, you can often receive a discount on your auto insurance by having renters insurance and auto insurance with the same company. Getting a renters insurance policy in place also gets you established as a customer with an insurance company. Most companies offer a longevity discount for the length of time a person has had a home or renters policy. It is advantageous to get this discount started while renting so it can be applied if a person decides to purchase a home in the future.
The numerous benefits of renters insurance at an affordable rate makes it an easy decision to purchase this type of policy.
Jason Busch is a multi-line insurance professional. Everyone’s situation is different so he reviews each person’s situation and develops a plan that fits the needs of the individual. To learn more about Jason, please visit his website at http://www.jasonNbusch.com.
Tags: affordable, benefits, Insurance, liability, personal, price, property, rate, renters
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