Renters Insurance – How Beneficial It Is For Homeowners?
Renters insurance is more of a commodity than a luxury these days. Aside from life insurance, people must insure their household goods and possessions as well. It’s worth nothing that life insurance policy of the landlord is just covering the house and not the items inside it. As an example, the insurance policy of the landlord is covering only the walls, floors and ceilings but it will not cover the computers, furniture, TVs, exercise equipment, music players, household appliances and so on.
Household accidents are similar to car accidents that it is not just your behavior that causes the accident. There are times that people have to pay for other’s mistakes. It seems that you are following a safe lifestyle but remember, other people’s action are beyond your control. It only takes a small fire to bring a building down to soot.
This is among the many reasons why renters insurance is very important. If you are living in a condo unit or an apartment, then you need to buy yourself a renters insurance policy. Most of the time, this includes fires, storms, explosions, theft, hail, volcanoes, riots, lightening, damages that lead from water damage, electrical surges as well as falling objects. You can exactly find out what’ll be covered in your policy by talking to your insurance agent.
You’ve got to list down all your belongings and keep it in a secure and safe place if you’re thinking of buying such insurance policy. With this insurance in hand, you are going to have coverage for your furniture, tools, jewelry, electronics, musical instruments and various other household items. When making a list of all valuables, you’ll realize soon that it’ll cost you big amount of cash to replace them if something bad happens.
As a matter of fact, renters insurance policy is not as expensive as what you think. The truth is, it can cost you less than buying homeowner’s insurance. You will get quotations for policy by simply contacting the insurance provider. Apart from that, this gives you the chance to have a talk to the insurance agent and have the answers to your queries and other concerns.
Basically, common policies are going to cost you approximately 150 to 300 dollars annually. Not only that, there are a lot of insurance providers that offer discounts to policyholders who are taking security and safety precautions. As an example, you can have discounts if you have fire alarms, fire extinguishers or security systems.
Truth is, renters insurance cover living expenses too which means, if your condo unit or apartment becomes unlivable because of any viable reason, then your insurer is going to pay you for your living expenses.