Anyone who rents out their home or apartment to someone should get a renter’s insurance to cover their personal belongings. From damage to the house’s structure to any loss of or damage to belonging in the house – all types of damages are covered under insurance.
The personal belongings, as well as the liabilities of a tenant, are insured under a renters’ insurance policy. Close to 94% of homeowners have a landlord’s insurance policy – but only about 40% of renters have the renter’s insurance – as of year 2018.
In this blog post, we will discuss the top reasons it is an advantage for you to get a renter’s insurance policy.
An Affordable Undertaking
If we take the cost of an average insurance policy cost – we see that it goes from about $15 to about $30 per month. However, the real price of the insurance is dependent on things like the kind of policy you select, the number of deductibles, and the place where you reside.
Coverage for Damages to Personal Belongings
The major feature of a renter’s insurance policy is to protect against losses to personal property. The various kinds of personal belonging can be clothes, jewelry, electronics, gadget devices, furniture, and all such things that you have.
In case you do not have much to own, everything can quickly add up to a lot more than you can imagine. With a renters’ insurance policy you have peace of mind by getting protection against a surprisingly long list of perils. A standard prepared insurance policy for renters is designed to cover damage to personal belongings from perils such as:
- Damages caused by airplane
- Damage due to some vehicle
- Sudden explosion
- Something falling down or falling off
- Fire breaking out
- Water
- Loss due to a riot
- Theft or burglary
- Snow or ice build-up on the roof
The damage to property and belongings that are caused by floods and earthquakes (natural disasters) is usually not to be paid for under standard policies. A separate policy is mandatory for damages due to such natural calamity situations.
Also, a completely separate rider is necessary in order to cover for losses due to the wind blowing. Especially in areas that are known for cyclone buildups.
Coverage of Belongings When Traveling
Renter’s insurance provides complete coverage for personal property – be it your car, the home, the things inside the home, or the ones you take with you while traveling. All of your belongings are covered against any damage or loss because of theft and other covered losses.
Regardless of where you go to travel – the insurance is there to provide coverage. Just have to go through your insurance policy or contact California renters insurance provider for knowing more about the policy details. This way, you can know the other covered losses.
Additional Living Costs are Covered for
In case your home is not fit for living because of damage – you will have to shift somewhere else for one or more days. In this case, your insurance will cover the additional costs of staying at a hotel, traveling, food, and other related expenses.