Renters Insurance Covers – Why Rental Insurance is Recommended?
All the major insurance companies now provide renters insurance covers to their customers who reside in rental properties. For example, State Farm will be able to provide renters insurance covers that cost less than a $1 a day. Considering the really low price, tenants will be well advised to at least consider availing renters insurance covers for their rental properties. The advantages of signing up for renters insurance covers is mentioned below.
Insurance against fire and other calamities – renters insurance covers – Generally, the landlord of your rental property would have protected the rental property with fire insurance. However, tenants have to understand that this fire insurance will not extend to their personal belongings. So, if a tenant had a beautiful and expensive grand piano that goes up in flames, the fire insurance coverage from the landlord’s insurance plan will do nothing to cover the dear loss. However, if one had signed up for renters insurance covers, all personal belongings will be compensated for by the insurance company.
Renters insurance covers are also very useful in other emergency situations such as flooding, hail etc when there won’t be much time to save personal belongings. Renters insurance covers will also protect tenants against broken pipes or frozen pipes that are quite common in harsh winter months. If a pipe breaks in a rental property when the tenants are not present, it has the potential to create heavy damage in the apartment of the tenant as well as other neighboring apartments. If a tenant is found negligible and responsible for the leak, he or she could end up in a civil lawsuit that will have them possibly staring at thousands of dollars in damages. Renters insurance covers will however protect tenants against such misfortunes.
Protection against theft – renters insurance covers – It is not uncommon for rental properties to be subject to break ins and burglaries. The tenant will not be able to hold the landlord responsible for such break-ins as a lease will typically not hold a landlord responsible for such damages. Renters insurance covers will however protect tenants against theft and burglary as long as they had declared their valuables when they signed up for the renters insurance covers.
Protection against injury – renters insurance covers –As ridiculous as it might sound, it is possible for someone to sue a tenant if the tenant’s home or property was the place of an accident. For example, a visiting neighbor might slip and fall on a tenant’s just mopped floor and break a leg. Tenants will then be in for a rude shock when they hear that the neighbor has filed a suit against the tenants. Loopholes in the law might even allow the neighbor to win the suit and claim damages. Renters insurance covers will protect the tenant against such outrageous lawsuits.
As you can see from the points mentioned above, renters insurance covers will often be able to get a tenant out of a very sticky situation where they could save themselves thousands of dollars at a time. Again, considering that the cost of renters insurance covers is very low, tenants will be well advised to consider signing up for rental insurance.