If you are renting, you should have renter’s insurance. Many Lafayette landlords and property managers require you to show proof of renter’s insurance before you move in. Even if they don’t, you should still get renter’s insurance for yourself.
It may seem unnecessary, but renter’s insurance is inexpensive and gives peace of mind if something happens to your belongings. The process of acquiring renter’s insurance is simple. You can either reach out to an insurance agent or go online to compare different policies. Here are five reasons why every tenant should have renter’s insurance.
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 probably covers only the property, not your personal items. If a fire or flood happens in your apartment, you will be responsible for replacing anything not covered by renter’s insurance.
Renter’s insurance is relatively cheap and can be customized to fit your needs.
For less than $20 per month, you can get a basic renter’s insurance policy. If you have high-value items such as jewelry or art, you can add extra coverage for full protection. This affordability secures your finances against any unforeseen events.
You can also customize your renter’s insurance policy to include liability coverage, which protects you if the property is damaged by something you or your guest did or if someone is injured in your home and sues you. If you have roommates, they will need their own policies, as your renter’s insurance doesn’t cover their belongings.
Each adult in the rental must have their own renter’s insurance policy.
Most renter’s insurance policies cover temporary living expenses if you have to move out of your apartment due to a disaster.
If a fire or flood renders your apartment uninhabitable, your renter’s insurance will likely cover hotel or temporary living expenses. This can be a significant help if you don’t have the money to cover these unexpected costs.
Renter’s insurance can assist you in rebuilding your life if something happens to your belongings. If a fire or theft causes you to lose everything, renter’s insurance can help replace your belongings. This can be incredibly helpful if you don’t have the money to replace everything at once.
Renter’s insurance can also help replace important documents like your passport or birth certificate if they are lost or destroyed. Losing these items can be financially burdensome and make replacement difficult.
Having renter’s insurance gives you peace of mind, knowing you’re covered in an emergency.
People don’t like to think about worst-case scenarios, but accidents and natural disasters do happen. And if something happens to your belongings, it’s reassuring to know you’re covered. Renter’s insurance offers peace of mind, ensuring you’re protected in an emergency.
A competent manager is crucial for stress-free property ownership for landlords and property owners. At Real Property Management Ascension, we treat every property seriously and aim to exceed expectations. Get in touch with us or call 706-760-7912 for excellent services in Lafayette and the surrounding areas.
Originally Published on June 24, 2022
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