- 23 Apr 2021
- Reading time
- 4 minutes
Most people conflate homeowners' insurance with renters' insurance and do they not pay heavily for that? Several insurance companies keep finding it amusing that tenants who could have only applied for renters' insurance would be found applying for homeowners' insurance for properties they do not own. Yet renters insurance is not only cheap but as well more befitting the features of tenants.
We found that the problem is people do not know how most of the insurance policies work, hence the conflation of policies. In this article, we briefly dissect what renters’ insurance means and how the policy is linked to home insurance (or is it house insurance?). Also, we discuss the benefits of this insurance and how reading reviews can help you find the best renters insurance.
What Is Renters’ Insurance?
Being more practical with this concept, think of this form of insurance as a kind of homeowners’ insurance that is not meant for homeowners’ but tenants (temporary homeowners). So, the policy covers everything that belongs to you in the apartment or house — from personal risks to personal losses — without accounting for most of the risks and losses accrued to the apartment itself.
In other words, renters insurance deals with what happens to the stuff you own, and not what happens to the building. By “the stuff you own,”, we mean you would need this form of insurance to cater to fire, theft, and vandalism that might affect your finances and personal property. The insurance protects you against many forms of personal inconveniences, extending even to the uninhabitability of the place.
Why Every Renter Should Have Renters’ Insurance
There are several benefits of renters’ insurance. These benefits work as the importance of renters insurance and or say the significance of renters insurance. We've highlighted below four of these benefits.
1. Interim Expenses: Since you are not the owner of the house, certain decisions about maintenance and repairs might force you out of your dwelling. Rather than start finding a place to sleep over, flipping through your app for the cheapest hotels to stay in for the interim period, having renters insurance would easily find and lodge you in one and also cover your interim expenses such as hotel costs if your home is uninhabitable due to a covered peril.
2. Damages Costs: Damages could be caused by you or your kids. Also, we can't rule out external factors. But in all, preparing for damages should be your concern. And what better way to do that than to have renters insurance. Your guests might be injured and you would want to pay for damages and cover their medical bills- a renters insurance policy can easily solve this scenario for you and keep you less perturbed.
3. Legal Costs: You may be a pet owner. Aside from that, someone might get injured in your room and the landlord won't be able to bear the legal costs. Indeed, the legal costs would be borne by you if the injured person sues you. In that case, you'd need a helping hand with costs and legal counsels. This is where renters insurance comes in. You hardly blink before your insurer swings into action, thereby assuring you of peace of mind.
4. Highly Inexpensive: In comparison to homeowners’, this form of insurance is cheap and cost-saving. You might have noticed from comparing prices between several insurers how cheap it is. We have, if you haven't, especially with Lemonade Renters’ Insurance starting as low as $5/mo. Nothing could be more ridiculously cheap. If you would be going for insurance to cover your personal costs and risks, renters insurance would do that for you. But you likewise need to factor in the insurance company you would be dealing with.
Which Renters Insurance Should You Go For And How?
Could having renters insurance pass as one if you have transacted with the wrong insurer? As much as renters insurance is significant, the insurer is likewise significant. This is so because it is the insurance company that provides you with the needed benefits.
An insurer may decide to hold back benefits or extend, hence the need to read reviews and find the best one. Although we are quite familiar with Lemonade insurance and how massively their renters insurance can help you mitigate risks and losses, we would still advise that you read more reviews about them.
Reading reviews would help you to solve the dilemma of which insurance company you should go for. Whether it is Lemonade renters’ insurance or any other company, reviews would show you what is needed to know about the company. You would learn from the experiences of others who have patronized the company and know what it means to transact with them. For example, to learn about lemonade, you would need to read Lemonade insurance reviews.
Knowing what renters’ insurance is about may not be enough. You need to be familiar with the benefits and how insurance companies such as Lemonade Insurance can help you maximize renters insurance as a kind of home insurance. You also need to know what sort of renters insurance you are dealing with, whether it is lemonade renters insurance or insurance from other companies.