Should I get rental insurance? This is an issue that most new tenants are considering. When you move into a new apartment or apartment building, there are already countless costs – from application fees to deposits, the first month's rent to moving cars and more. Is tenant insurance really worth the investment?
At the moment, it may seem that you can live without it. But if you come home one day with devastating burns, vandalism or theft, tenant insurance can be your greatest comfort in the worst of times. It can help you change your belongings and get back on your feet. Ask yourself these six questions:
- Can I afford $ 150 a year? Most tenant insurance policies will cost less – but let this be your upper limit when planning. It is a small investment for peace of mind that this coverage offers.
- Can I replace everything I own without emptying my savings? First of all, why would you want to bear that kind of risk? The rental insurance protects your personal property – clothes, electronics, furniture, white goods, etc. – and provides financial peace of mind when you know that if a loss occurs, your contents are covered.
- If my home was damaged by severe weather or other reasons and I had to stay in a hotel, how would I pay for the extra expenses? If something happens to your home and it is temporarily uninhabitable, your rental insurance may pay for your living and food expenses during the restoration.
- Are there any gaps in my current insurance policies? If your phone was stolen from your car, your car insurance can only cover the damage from the burglary. That was when tenant insurance would be useful because it could cover the cost of what was stolen. Rental insurance often travels with you and protects your personal property wherever you are.
- If someone is injured on my rental property, am I personally responsible? Potentially, yes. And if there are medical bills, it can be expensive for the injured person and you. Rental insurance provides protection against this type of claim and lawsuits.
- Does my landlord require it? Depending on where you live, you may need to have rental insurance. Be sure to ask your landlord in advance if this type of coverage is necessary.
Rental insurance offers peace of mind and keeps your home and your belongings covered from the unexpected. Talk to one of our local, independent agents about a policy today.