True to human tendency or negligence, many people who rent a home simply forget or fail to consider the importance
of paying renters insurance. Many believe renters insurance coverage is only meant for those living in apartments or condominiums. However, insurance for renters should not be overlooked even for those living in rented homes. This is mainly because of the following reasons:
Renters are not covered by the owners homeowners insurance. There are many home renters out there who mistakenly believe that they need not get insurance for renters because they are covered by the homeowners insurance policy. Nothing can be further from the truth, unfortunately. The homeowners insurance only covers for any structural damage the house might suffer from a natural disaster such a storm or hurricane. Coverage for personal property under the homeowner’s insurance would only be possible if the owner actually lived in the house. Homeowners insurance can not be extended to cover a renter’s property. Renters should get their own renters/tenants insurance policy.
Renters insurance is a good coverage for your personal property. Renters insurance for apartments and rented homes covers the renter’s possessions in the event of any unseen peril. A Peril in this case is defined as any event that results in loss or destruction of the renter’s property. Such events include natural disasters, fire, explosions, hail, vandalism or even theft. In some cases even a damage caused by a burst pipe due to poor plumbing maintenance is considered as a peril. Evidently, insurance for renters should not be overlooked as it can be very beneficial.
Liability insurance is included in renters insurance. It is important to understand if you do not carry Homeowners or Renters/tenants insurance you can not be covered for liability. Do not rely on the owners homeowners insurance policy when someone gets hurt in your rented home and sues because it has limited liability insurance. The policy which the owner carriers is not a traditional Homeowners Policy, but a Dwelling Fire Policy. I Dwelling Fire Policy excludes the personal liability and personal property of a tenant or renter. Renters insurance will protect a renter from such a lawsuit. With most insurance companies, renters insurance normally cover liability for as little as $25,000. When you think of the number of scenarios that a person can be injured inside or outside your rented home, you would agree that insurance for renters should not be overlooked.
Purchasing renters insurance should not be taken for granted even if you are living in a rented house. You can choose from the many different plans available for renters insurance. It would be wise to remember that your property is not covered by the owners homeowners insurance. Only Renters or Tenants insurance provides coverage against personal liability lawsuits which may be as a result of a visitor to your rented home. So unless you can easily and comfortably afford to pay for a lawyer and judgement when sued or replace every bit of your personal belonging when disaster strikes, buy renters insurance. Keep in mind if you combine both you Renters Insurance with your Auto Insurance; every insurance company in the United States willl provide you a discount on both.