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What are the benefits of renters insurance?

By: Martin Dasko on October 4, 2016

Are you renting? Do you have renters insurance? You likely have benefits that you’re not even aware of. I want to open your eyes a little so that you know what you’re spending your money on when it comes to your renters policy.

What are the benefits that can come with renters insurance?

According to this helpful guide:

“Renters insurance is an insurance policy, carried by the tenant, which generally provides coverage for the tenant’s personal property and liability from accidental injuries to guests and property damage.”

Long story short: you’re going to always feel protected.

Additional living expenses

You’re paying for insurance so that you always have a roof over your head. If your place gets flooded, the insurance will help you out by providing you with a place to stay. They’ll put you up in a hotel until your unit becomes available for you to return. You won’t have to worry about being homeless. You also won’t have to stress about the expensive costs associated with staying in a hotel. A friend of mine actually went through this process and was even granted an allowance for food.

Third party liability covers the things out of your control

Imagine a bunch of friends come over for a Friday night and one of them gets injured. They have to go to the hospital and this visit comes with medical expenses. Your insurance will kick in to cover this. You won’t have to worry about getting sued over your friend’s medical bills. You also won’t have to worry about your friend because they’re going to be covered.

Protection from theft

Are you a collector? Do you have items that you couldn’t afford to lose? You’re going to want to spend the extra $10-20 a month to cover yourself in case your place gets robbed when you’re at work. You worked hard to purchase your possessions. The least you could do is protect them with insurance.

Those are some of the major benefits of paying for renters insurance. Insurance isn’t just for homeowners and drivers. As a tenant, you also want to cover yourself. Don’t try to save money by avoiding this expense altogether. You’re going to regret it if anything happens. Your landlord might also enforce this as a lease clause, so please, double check your agreement.

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