More and more utilized, sometimes at the renter’s initiative, some other times at the request of the landlord, renter’s insurance still has a series of benefits which are not known by all. The number of residents purchasing insurance is showing consistent growth, and by the looks of it, it will turn into a compulsory contract requirement in the near future.
Since this policy will soon enough become a must-have criteria in order to sign a lease, it is best to know what you’re paying for, and when to call the insurance company for ransom.
1. It protects your belongings in and out of your home.
In a way, renter’s insurance is like a hidden gem. Aside from the protection it offers to your personal property in case of fire, theft, and severe weather, it also covers it outside your home. For instance, if your car is broken into, your car insurance will not cover the items you had in your trunk and now are gone. Your renter’s insurance will. Under the same claim, the same thing happens if you come out of some coffee shop and you find your bicycle missing, or return to your hotel in some vacation you went on to discover that your laptop or tablet is missing.
Other less known facts about renter’s insurance include the cases when your home is broken into – many of the renter’s policies will replace the locks after such a misfortunate event, or will replace your food if it spoils during a power outage.
2. It covers additional living expenses
In the event your home is damaged by water or fire, you will need a place to stay while repairs are made. Renter’s insurance will cover the costs for your temporary move, hotel and even meals. It is important to look into how much and how long you would be covered, there is a big difference between a couple of weeks at a Super 8 or a few months at the Hilton.
3. It eases up identity theft recovery
Current times are about connectivity to the online environment, identity theft is ever-more present. Some renter’s policies help you recover faster by working with credit card companies, credit bureaus, and other related institutions to undo any damage caused to your good name; even the associated legal fees can be covered.
4. It can pay for liability and medical costs
Litigation is a reliable way to ruin friendships. But if a guest is injured on your property and renter’s insurance covers the medical bills. Also, if your dog chews up your friend’s designer signed shoes, renter’s insurance can help pay for a replacement pair.
Keep in mind that not all renters’ policies are created equal; take the time to compare prices and coverage levels.
