There are currently more renters in the United States than at any point since 1965. With housing prices escalating and population rising in many cities, renting is the best option for many.
But many renters aren’t aware of the risks involved with living in an apartment. Besides the need to keep yourself safe from theft and intruders, it’s important to protect yourself from unforeseen events and damages.
Too many renters think they are covered under the policy of the building owner when it comes to insurance. They don’t realize that the right renters insurance tips can save them time and money down the road.
Don’t risk finding out too late you don’t have coverage. Here are some tips to figure out your policy (and make the most of it).
1. Protect Your Property
There is no question that renting can help you save money. But not if you fail to protect your own property.
If you think your landlord’s insurance will cover your personal property inside your apartment, it is time to think again.
Your clothing, furniture, electrical equipment, and other valuables will not be covered by your landlord’s policy. Even if there is a leak in the ceiling or a flood you will likely not be covered.
Unless you choose a renters insurance policy that covers your own personal property you may have to forfeit tens of thousands of dollars in an unforeseen event.
2. Where Will You Stay?
If you think your personal items aren’t valuable enough to protect with renters insurance, there are still reasons to get coverage.
What will you do if disaster strikes and you need to find a place to live? In large events, there is often damage that needs to be remedied before you can move back in.
Or, what if your current apartment is damaged beyond repair? The expenses of a hotel or other living arrangement can pile up quickly.
Using renters insurance will often cover a hotel while your home is repaired.
3. What About Items You Borrowed?
Imagine the headache if disaster strikes while you have items that you rented or borrowed from others. You may have the headache of trying to replace your own belongings delayed because now you owe someone else money.
Whether you rent equipment or furniture or borrow items from a friend or family member, the purpose of renters insurance is to protect them as well.
One of the benefits of renters insurance should also be replacing rented or borrowed items. When considering renters insurance make sure you calculate the impact of trying to replace these items as well.
4. Keep Yourself Away from Legal Issues
You have a guest in your home and they get injured. Maybe they slip on a wet floor or twist their ankle on the steps.
What you may not know is that you could be sued for this injury. The guest in your home may bring legal action against you to cover trauma and medical expenses.
Luckily, with renters insurance, your liability protection will extend to them as well.
5. A Wide Variety of Options
Like every other service industry, not all insurance offerings are the same. You want to ask questions and get clear answers about the exact policy you are investing in.
Using these renters insurance tips as a guide will help you ask the right questions. Find out if your policy will cover self-storage, floods, and other events.
As hurricanes move slower and drop more rain you may need coverage for flooding from storms as well. There is nothing worse than investing in insurance and finding out you aren’t covered when an event occurs.
You can discover more about the benefits of renters insurance by contacting the right agent. They will offer insight into your options.
6. Make It Affordable
When many renters think about insurance they hesitate for a single reason. They feel the expense will be more than they can handle on their monthly budget.
Or, they feel as they are saving to buy a home they haven’t invested in the furniture and belongings they would need to protect.
But can you really afford to start all over again in the case of an unexpected event? In addition, renters insurance benefits will cover more than replacing your belongings, as is covered here.
What many renters don’t realize is that renters insurance is affordable. You can start many policies for under $10.
Don’t let the cost scare you off when shopping for insurance.
7. A Dog’s Best Friend
If your dog bites a guest in your home you could suffer a lawsuit. But renters insurance covers much more than many people think.
Your medical and liability protection can help patch up that dog bite whether you or a guest suffers the injury.
8. Away From Home
Renters insurance offers protection beyond the home in many cases. Whether you have belongings in your car or are away on a trip, you may be covered if you pick the right options.
Depending on the coverage selections, you may extend your theft coverage to protect you in a hotel room. If your luggage is stolen on a trip you could have those belongings replaced with renters insurance.
This may cut down on travel insurance you are considering investing in. The same holds true for items stolen from your car.
Make sure you learn more about the coverage you have and how it extends beyond the home.
Going Beyond Renters Insurance Tips
There is no question that renting is often the best choice for having a great home. You can invest in other opportunities, cut down on maintenance expenses, and leave the worries to your landlord.
But for others, renting is only a temporary step while they work on purchasing a home. In fact, they may be saving and waiting in order to put together a down payment on the home of their dreams.
If you have been saving and planning but still aren’t ready, you can change strategies. Maybe you need to look into housing options in other states.
You can take these renters insurance tips, save big, and buy a home. Learn more about buying a home in another state.