While most Americans still dream of owning their own home, more people than ever before are remaining renters. When you’re renting you don’t need to pay for building upkeep, you won’t be stuck in a home for too long, and you avoid the risk of having to pay a very serious amount for many years for the mortgage.
Despite renting generally being a less stressful situation to think about, you still need to think about protecting yourself and your belongings. And one of the best ways to do this is with renters insurance.
But why should you buy renters insurance? Do you really have to? You don’t have to in a sense that it isn’t mandatory, and you have probably gone without it, but you need to know that you gain a lot of benefits when you do:
If by chance a horrible disaster happens, you won’t be protected by your landlord’s insurance. His or her insurance will only cover the structure and their owned property. So you might lose all your things and then be hit with the harder realization that you have likely lost everything you own besides a vehicle.
But when you have renters insurance, your belongings will be protected, depending on what’s covered. You can have a renters insurance covering many different problem including fires, water damage, smoke, lightning, vandalism, storms, and theft.
If something happens to the home or building that you’re renting, the renters insurance should cover the hotel costs or the rent of another apartment. This is usually referred to as “additional living expenses”. When you just can’t live in the situation after the disaster, you won’t need to even think about how and where you’re going to live for the next few days, weeks, or even months.
Medical And legal costs are usually also included with renters insurance. If one of your guests gets injured in your home, the insurance can come through to pay the medical bills up to a limit that is usually between $1,000 and $5,000.
In case the guest decides to sue you because they were injured in your residence, the liability coverage should also pay both the legal costs as well as the court costs. The amount will depend on your renters policy. However, it usually starts around $100,000.
As you can see, while renting has many benefits and it doesn’t force you to be tied to a living situation for years, you still need to put some consideration into protecting yourself. And if something happens, you know you can count on your renters insurance. If a disastrous situation happens and leaves you having to find out how to recover, you should not be left alone and unprotected.
At Bosworth & Associates we take pride in our customer relationships and want to make your insurance experience as seamless as possible. If you’re ready to learn more about our personal insurance policies, why not request a quote online? You can also give us a call at 903-561-2621 to get started on your customized quote today.