5 Reasons Why You Need Rental Insurance, and Where to Get it From

Real estate is expensive, there is no question about it. If you are a student or have just started working, then it’s nearly impossible to afford a house or apartment. This is why renting is often the most simple and inexpensive solution to this problem. Besides, there are many benefits of renting including the flexibility of changing locations on the go, no worries about maintenance, and of course, low cost of accommodation.

The majority of smart landlords get home insurance, but did you know that you are unlikely to be covered under their policy? However, you get your own renters insurance aka the HO-4 insurance, and there are many reasons why that’ important:

  1. Thefts

Even if you are living in a house or apartment that isn’t owned by you, there are many expensive items that you keep inside including your computer or laptop, jewelry, phones, and accessories, etc. In case this place is burglarized, then you may be hit by a double whammy- house rent and expenses for replacing the items you lost. However, when you have renter’s insurance, then your insurer pays for the items that are stolen depending on the cover and inclusions. If the burglar has damaged your belongings, then the insurer may also pay for the repairs.

  1. Personality Liability

Consider a scenario in which you invite your friends and acquaintances to your rented home for a weekend party and someone gets injured. If that person decides to sue you, which is more common than you think (check your personal liability risk yourself), then will you be able to pay for the medical expenses, legal fees, etc. considering that the average claim settlement amount for personal liability is around $51,000?

With renters’ insurance, you can enjoy liability coverage starting from $50,000 to a million dollars for a modest premium. It’s a small investment for a safer tomorrow.

  1. Off-Property Coverage

Many of the insurance policies offer protection for your belongings within 100 ft. radius of your home.  There are many situations in which this can come in handy. For instance, say, there is a coffee shop right behind your apartment and you go there to work on your assignment in peace. After finishing your first cup of coffee you go to the counter to order another one. Before you know it, someone grabs your laptop from your table and makes a run for it. If this person manages to escape, then there is no telling if you will ever see your laptop again. However, with rental home insurance, you can raise a claim under the “off-premise theft” section and get reimbursement from the insurer. Isn’t that amazing?

Note: The off-property coverage has its benefits, but it is also subject to certain conditions. Thus, it’s best to read the fine print before you buy an insurance policy.

  1. Rental Options

If you are looking for an apartment in a big city like New York or Los Angeles, then you will be surprised to know that many of the landlords now force the tenants to have rental insurance. There are many reasons behind it. For starters, if you have to relocate due to problems like flooding, then your renter’s policy can cover temporary living costs, and your landlord doesn’t have to deal with any of it.  Similarly, if your apartment catches fire, then your landlord’s policy won’t cover the damages since it pertains to your (tenant’s) apartment. However, if you have renter’s insurance then you can easily raise a claim and have your insurer pay for the repairs.

Rental insurance barely costs around $15 a month which is a small price to pay to get more options for the places that you can live in. Plus, it’s better to get a policy yourself in advance as you can have ample time to shop around to pick the best option. Otherwise, when you zero in on an apartment and your landlord brings up the condition of having renter’s insurance, then you will have little time to find the best policy and you may end up getting one that costs a lot more.

  1. Temporary Accommodation

If you are displaced by a natural disaster like a hurricane or flood and have to stay at some other place on a temporary basis, then it can be quite an expensive affair. You may not be able to find affordable accommodation in a short period, and there may be other costs like food, transportation, laundry, etc. all of which can add up to become an unbearable expense. Fortunately, rental insurance can provide you adequate compensation for your temporary lodging so that you can live and work in peace even when times are tough.

Where to Get Renters Insurance?

Now that you know what renter’s insurance is exactly and why you should get it, let’s talk about where you can get it. Since this is the age of the Internet and smartphones, the best approach would be checking online.  Just googling a few keywords is enough to find the best renters insurance providers in your area. However, if you want to learn how to buy renters insurance online that’s easy on your pocket and comes with few formalities, then you should look for a non-traditional service, preferably one that’s based entirely on an app or website. Due to the huge demand, many such services have emerged on the Internet today. You just need to pick the right one. Good luck!