As a renter, you do need to think about financially protecting your assets. Here are a few reasons it is essential for you.
1. After a flood, disaster, vandalism, fire, windstorm, etc that ruins the property that you are renting, the owners insurance will repair the damage to the property, but not to your assets like your furniture, wardrobe, or electronics.
2. Renters insurance typically includes additional living expenses if your place is not longer habitable during the repairs. It may cover your for hotel, or even another apartment, if a longer stay is required. DO not rely on the owner’s insurance to provide this for you.
3. If a visitor is injured, your policy could pay the medical benefits of the injured party. If someone slips and falls, trips or has any other accident in your home, they may pursue you for pay for their medical bills.
4. If your child causes property damage to others, it also may cover the cost. Landlords are rarely, if ever, liable for damage that you cause yourself, such as breaking a window which results in damaged personal property, etc.
5. Each policy if different, however, many do provide covered for pets biting others. There may be breed restrictions on this so read your policy thoroughly. If your dog is protective of you and bites the repairman who comes by to fox your air conditioner, your renter’s insurance is the perfect coverage for this situation.
6. If you are sued due to someone getting injured while at your rental house or apartment, the lability portion of the coverage on a renters policy could pay your legal costs and court requirements.
7. Lastly, letting a future landlord know that you have renter’s insurance, let’s the landlord know that you are responsible tenant.
Even if you do not own the home, you do have assets and you may have liability if someone gets hurt at the property, whether its by your dog, your child, or just falling etc.
It is important to remember that the policy you buy, similar to car insurance, will change the amount of coverage you have. Be certain to shop around for the best rates and coverage plans that fit your needs. It is a requirement for all renters who rent homes manager by House Match Inc to have renters insurance with a minimum for $300,000
**San Diego Coastal Photo Credit : Melissa Thompson