Most tenants believe that renter’s insurance isn’t necessary or don’t have an understanding of what renter’s insurance is and what it covers.
We’d all like to think that catastrophes won’t happen to us. But, in fact, the financial catastrophe could be far worse than the physical catastrophe that could potentially strike your home. Dana Rieger recently shared with us, that all renters should have renter’s insurance. Our team here at Rieger Realty has gathered some reasons why.
Imagine losing everything you own, scrambling and finding a way to replace your bed, clothes, and shoes. Those expenses quickly add up and the time to track it all down costs you even more.
We don’t often think our possessions are valuable, but renter’s insurance doesn’t just cover the “valuable” things. It covers everything under your roof that fits within your coverage window. The price of the policy depends on the level of coverage, which allows you to cater it to your particular needs and budget.
Many tenants assume they’re covered by the landlord’s insurance. In several cases, landlord insurance policies only cover damage to the physical building, not your personal belongings.
Individual renter’s insurance generally covers personal items that may be lost due to a fire, theft, smoke, wind, hail, or vandalism. In addition to covering the physical belongings in your home, some renter’s insurance policies cover living expenses if your home is damaged, causing you to relocate while it is being repaired.
While it is another added expense, it is important to make sure that your personal belongings are covered in the event of an emergency. When disaster strikes, you should only be concerned with your loved ones’ safety – not the condition of your belongings.
Have any of you encountered an emergency where you had (or needed) coverage? Share your stories with us in the comments below. We’d love to hear your thoughts!