Why Do I Need Renter’s Insurance?

Why Do I Need Renter’s Insurance?

If you are reading this, you have probably been told by the property management at your new apartment community that you need renter’s insurance. You might be thinking that this is another unnecessary cost that you will have to budget for, but that is not the case. Renter’s insurance can save you a lot of money if you ever need to use it, and it is quite affordable, especially if you bundle it with your car insurance and get a discount on everything for having multiple policies. Read on to learn more about why you need renter’s insurance and what it can do for you if you ever need it.

What is Renter’s Insurance, And Why Do I Need It?

Generally, renter’s insurance is insurance that covers your personal belongings and will often include some liability coverage in the case that someone gets injured in your apartment.

Many apartment communities will require you to have a renter’s insurance policy as they know how valuable this can be to you in the case that something bad would happen. For example, if something would happen to some of your belongings or someone would be injured in your apartment, you could be held liable, and owners and property managers would prefer to avoid confrontation and any legal issues that could arise from one of these things happening.

More importantly, it is not common for the apartment community to carry any insurance that would cover your belongings or cover any injuries that happen to guests while inside of your apartment. If any of this happened, you, the tenant, would be responsible. Helping you avoid any losses is in everyone’s best interest.

What If I Don’t Have Renter’s Insurance?

If you don’t have renter’s insurance and it is a requirement detailed in the lease, you are technically in violation of your lease terms. If it is not required, and this is extremely rare, you could be held liable for any injuries to guests while in your apartment, as well as having to replace any of your belongings that are stolen or damaged. The cost of this can easily be in the tens of thousands of dollars, especially if someone incurs injuries while in your apartment.

How Much Does Renter’s Insurance Cost?

The price of renters insurance will vary depending on your policy, how much coverage you have, and the insurance company you choose to go through. In many cases, it can cost as little as $20 per month, but everyone’s individual price will vary. You might not be too excited to add another expense to your monthly budget, but you will surely be happy you have it if someone gets injured in your apartment or you need to replace any covered items.

Insurance is one thing that people generally don’t want to spend money on but if you have ever had to make an insurance claim, you know that it pays off exponentially. When searching for renter’s insurance, you should first ask your car insurance company if they offer renter’s insurance. If your car insurance company offers renter’s insurance as well, you may be able to get a discount on both for adding another policy to your plan, further offsetting the cost of renter’s insurance.

Get Renter’s Insurance Before It’s Too Late

Please note that this article is not intended to be financial or insurance advice, but rather some inspiration for you to begin thinking about protecting yourself and your belongings in the event something should happen. There are also a few companies that offer renter’s insurance; you can begin your search by checking out companies like Lemonade or American Family Insurance.

 

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About SRE Holdings

SRE Holdings, LLC is a professional real estate management firm that focuses on providing a high level of service to its clients. SRE representatives are always available for a quick response to any client’s needs or concerns.

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