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Why Every Renter Needs Renter’s Insurance

The Interior of a Orange Rental After a House FireIf you’re a renter, you should have renter’s insurance. Lots of Orange property managers and landlords require you to show proof of a renter’s insurance policy before moving in. But certainly, even if they don’t, you should still get renter’s insurance for yourself. It may seem useless, but the fact is that renter’s insurance is cheap to obtain, and, more importantly, it can provide a lot of peace of mind in situations where something untoward happens to your belongings. Here are five reasons why every renter should have renter’s insurance.

  1. Your landlord’s insurance doesn’t cover your belongings in the event of a power outage, fire, flood, theft, or other disasters.

Your landlord’s insurance perhaps only covers the property and not your personal belongings. In the case that there’s a fire or flood in your apartment, you’ll be responsible for replacing anything not covered by the additional renter’s insurance policy.

  1. Renter’s insurance is rather cost-effective and can be customized to fit your needs.

A basic renter’s insurance policy could cost lower than $20 per month. Likewise, if you have pretty expensive items like jewelry or art, you can add more coverage to ensure they’re protected.

You can likewise customize your renter’s insurance policy to include liability coverage, which protects you if the damage is caused to the property because of something you or your guest may be responsible for or if someone is injured in your home and sues you. If you have roommates, it is essential to mention that they would need their own policies since your renter’s insurance policy does not cover their belongings.

Each adult in the rental should have their own renter’s insurance policy.

  1. Some renter’s insurance policies cover temporary living expenses supposing you have to move out of your apartment due to a disaster.

If your apartment is uninhabitable because of a fire or flood, your renter’s insurance policy will probably cover the cost of a hotel room or other temporary living expenses. This can be an enormous help if you don’t have the resources to cover these unexpected costs.

  1. Renter’s insurance can easily help you rebuild your life if something happens to your belongings.

If you lose everything in a fire or theft, renter’s insurance can, without hassle, help you replace your belongings. This can indeed be a big help if you don’t have the money on hand to replace everything at once.

Renter’s insurance can moreover help you replace important documents like your passport or birth certificate if lost or destroyed. Losing these items can set you back financially and make it toilsome to replace them.

  1. Possessing renter’s insurance gives you peace of mind knowing that you’re covered in case of an emergency.

No one desires to always think about worst-case scenarios, but the fact is that accidents and natural disasters come about. Moreover, if something indeed happens to your belongings, it’s best to know that you’re covered. Renter’s insurance gives you peace of mind knowing you’re protected in an emergency.

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.

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