Renter’s Insurance: The Path to Personal Protection

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Just because you rent your home doesn’t mean that you need to expose yourself to unnecessary liabilities, which is where renter’s insurance makes sure that you’re protected. While your landlord may have an insurance policy on the home itself, it doesn’t cover anything that you lose personally. When disaster strikes, make sure that you minimize the toll that it takes.

How Renter’s Insurance Works

You pay a monthly or annual premium (in most cases it’s less than $200 per year) to insure your personal belongings in the event that something does happen to them. It also protects you financially if an accident forces you to be liable for any damage that’s caused.

Renter’s insurance also covers your belongings if they’re stolen, which is great considering that the number of thefts seems to be on the rise in many municipalities. In order to be reimbursed for your belongings, you may be required to pay a deductible that’s set by your insurance company.

The Benefits of Renter’s Insurance

Did you know that less than half of the United States has embraced the power of this type of insurance? A lot of it is because they don’t understand the benefits, so it’s time to clear the air.

· A visitor getting injured on your property can be devastating. Minimize the risk.

Let’s say that someone slips or falls while visiting. They could make you pay for their medical expenses (which we all know isn’t cheap). However, if you have an insurance policy to cover times like this, you’ll be protected.

· If you get sued, legal expenses can be costly. Renter’s insurance covers this.

If your dog bites someone or if someone is injured on your property, the odds are that you’ll be getting sued for the damages that are caused. Instead of having to break the bank to pay for a lawyer and other fees, renter’s insurance will cover your legal expenses up to a certain amount.

· Off-premises coverage can protect you even if you’re not home.

Losing something while on vacation or just going around town isn’t uncommon. In fact, this is where a lot of theft happens. Most policies provide you with what’s called off-premises coverage, which will insure your personal belongings and items inside your vehicle.

The cost of obtaining renter’s insurance is minimal when you take into consideration the costs associated with losses beyond your control. Hopefully, this sheds some light on the situation that is sure to make your life easier while ensuring your protection at all times.