Renters Insurance – Most of the people cannot afford to buy their own house. So they prefer living in rental accommodations. The owners of the houses have their properties insured. But that doesn’t mean that the renter has no need to get insurance.
The house insurance covers for the losses caused to the building only. They do not pay for any loss that is caused to your personal property or belongings. So, if you need the peace of your mind while at your home, you need to sign up for a renters insurance policy.
According to a survey conducted by ORC International in 2014, 95% of the house owners have house owners’ insurance policy. On the other hand, only 37% of the people who live in rental accommodations have an insurance policy for renters.
The reasons behind this low percentage are more than just one. Some people are just confused that the house owner’s insurance policy also covers for the household property. Some of them just underestimate the value of their belongings.
They think it would be a waste of money to pay for insurance of their not so expensive household stuff. But that is a very mistaken approach because if you some up the costs of just your clothing and your electronics, you’re going to be hitting thousands of dollars. So, it is highly recommended to get a renters insurance policy in order to be free from worrying about your property.
Some of the reasons why people should get an insurance policy for renters are described below:
1) Reasonably priced:
You can get your house hold property insured at a very reasonable and affordable price. The average cost for a policy is about $187 per annum. The cost depends upon factors including how much you want to get covered, the type of policy and where do you live.
2) No need to worry about property losses:
You can get almost all of your personal stuff covered through an insurance policy. The insurance companies pay for any losses caused to your furniture, jewelry, electronics, computers, luggage, and other important stuff.
3) It may be a compulsion from the landlord:
These days, most of the landlords want their tenants to have an insurance policy for renters. The house owners’ policy does not care for the losses caused to your personal belongings. So, many landlord wants their tenants to get insured so that there may not be any sort of trouble if any damages are caused for what so ever reasons.
4) Liability coverage:The insurance policy for renters also provides liability coverage, which means that if some person is injured in your house, or if you accidentally injure any person, the insurance company will provide the declared amount of money for all the legal expenses.
5) Feel safe when you travel:
If you have a renters insurance policy, you do not have to worry for any theft or break-in at your house. If anything gets lost while you are gone, the insurance policy will compensate you for it. All you have to do is to ask your insurance agent for the details of all the covered losses.