Anyone who owns a home knows that you need to have homeowner's insurance. The insurance will cover any loss or damage to the home among other things. If you rent your home, apartment, or condo, you should still have coverage. Since you don't own the home you live in, you won't need homeowner's insurance. Instead, you will need renter’s insurance. While it is not a requirement to have renter’s insurance, there are a few reasons why you should purchase a policy.
If your home is burglarized, your renter's insurance will cover your losses. With insurance, you won't need to worry about replacing the stolen items out of your own pocket.
If your rented home is damaged or destroyed during a natural disaster, your landlord's insurance will cover the damage to the structure. It won't cover the things that you own inside. Renters insurance will. If there is a natural disaster such as a tornado, hurricane, or a wildfire, you will have peace of mind that you are protected, and you won't lose everything.
If there is a fire in your rented home, your landlord's homeowner's insurance won't cover the damage to your belongings, but renter’s insurance would.
Accidents in the Home
If you cause an accident in the home, such as overflowing your bathtub or breaking a window and the glass tears the couch, you would be covered under renter’s insurance. Accidents happen, and it is best to be protected.
If your rented home is damaged or destroyed and you cannot live there until the repairs have been made, it can make life difficult. Staying with friends can get inconvenient very quickly. The cost to stay in a hotel can be very expensive. If you have renter’s insurance, it will cover the cost of your temporary lodging.
If a guest of your home is injured in your rented home, they can sue your landlord for damages, but they can also sue you. The same is true if you have a dog, and he bites a guest. Renters insurance will protect you in situations such as these.
If you are renting your home, apartment or condo you should contact the Luft Insurance Agency. We can give you an affordable quote so that you will have the protection that you need.