- 15 Dec 2020
- Reading time
- 3 minutes
What is renters’ insurance, and do you really need it? This is an essential question that a lot of people don’t have the answers to. With how uncertain life has been in recent times, renters’ insurance can come in handy when you’re in a bit of a fix. So, what does renters’ insurance really cover, and is this an ideal option for you? Let’s start at the top.
What Renters’ Insurance Covers
Just like any other insurance coverage, renters’ insurance covers specific scenarios that will help you find your feet faster than if you didn’t have any help at all. This affordable option can come in handy in these situations:
If you were caught in the middle of a wind storm, rain, fire, or hail that damaged your properties, and left you high and dry, renters’ insurance offers coverage that will take care of these events. In most cases, you’d need to pay extra for coverage against earthquakes and floods. You will have to consider this if you live in an area prone to these forms of natural disasters. The good thing is that this insurance coverage is great for getting you adequate lodging while you search for a new place to live, if your home became unlivable due to a disaster. Many people erroneously think that the landlord is responsible for this. This is completely untrue. However, with the right renters’ insurance, this will cover your stay in another facility until your home is repaired.
It goes without saying that your apartment would contain tons of valuables such as your furniture, laptop, phone, clothes, and television. Even if you don’t have a ton of valuables, a renters insurance policy can be useful when you need to replace something as simple as your phone that got caught up in any disaster through no fault of yours. For just a few bucks a month, any of these valuables can be replaced easily. Even better, you could get liability insurance that also covers the legal or medical bills of any guest in your apartment that gets injured.
It goes beyond physical properties. Liability insurance could also be useful when a guest gets bitten by your dog..
Valuables in Another Location
It’s quite interesting to know that even your valuables are even covered if you’re traveling abroad. . Meaning, even if your phone is stolen while you’re on vacation, or if there’s a fire in your hotel room, your stuff would be covered!
However, you should note that renters’ insurance will not cover damages done by your pet, accidentally losing your property, or replacements for your roommate’s valuables. Your roommates would have to get their policy to qualify for any renters’ insurance. It’s almost difficult to believe that you could get protection in all these situations without paying through the nose for it. Most renters’ insurance covers are really cheap, going as low as 10 dollars monthly for basic coverage. For example, you can get renters' insurance from Lemonade for as low as $5 monthly, depending on your location.
Lemonade also also offers homeowners’ insurance. The company takes a flat fee from premiums to run the business, uses the rest to pay out claims, and donates anything leftover to charity.
Now, it’s time for the most important question here. Is renters’ insurance for you? If you desire that extra peace of mind that comes with knowing that you wouldn’t be left stranded when something beyond your control happens, then this insurance cover is definitely for you.