Renters Insurance for Safe, Mobile Living
by Penny M. Hagerman
Renters insurance provides financial protection against loss. When the unexpected happens and items get ruined or damaged, this specialized protection pays to repair or replace them in exchange for yearly premiums.
For the best renters protection money can buy, count on InsureMe. We'll provide free quotes, find affordable renters coverage through local agents—and help protect renters' way of life.
Landlord vs. Renters Insurance
While landlords must take responsibility for damage sustained by apartment buildings, condos or single-family structures where renters reside, renters must usually buy contents coverage for their own possessions: items such as clothing, electronics and furniture.
However, depending on the provisions of the landlord's insurance policy, a personal renters insurance plan may also be needed to protect interior lighting, appliances, and interior walls and structures used only by the renter.
Before buying renters insurance, those leasing homes should consult with their landlords to find out what is and isn't covered under the landlord's insurance policy. Where gaps exist, renters should provide coverage through their personal insurance policy to ensure financial protection in case of disaster.
Advantages of Renting
While foregoing tax deductions homeowners enjoy, renters are afforded flexibility that escapes those who purchase homes and homeowners insurance.
When housing prices drop, homes remain on the market for months—and homeowners must wait for the perfect buyer before moving on. Renters simply give 30 days notice, recover their renters deposit, move to their new place of residence, and purchase a new renters insurance policy to protect their belongings.
When renters die, there's no property to settle, allowing beneficiaries to sort through loved ones' treasures, remove them from the rental property and return to life as usual. There are no mortgage payments or HOA dues to worry about—and no home to sell.
With only first and last months' rent, renters can lease a home and get insurance in short order. Contents insurance costs only about $30 a month, so renters have money left over for necessities like groceries, gasoline and transportation once insurance costs have been paid.
When Renters Face Disaster
When disaster occurs due to one of about a dozen situations, renters insurance picks up the tab, allowing renters to fix or replace anything damaged or lost.
Perils covered for renters under this type of insurance include smoke, fire, lightening, freezing, windstorm, hail, theft, vandalism, malicious mischief, explosion, broken glass and falling objects.
If someone accidentally gets injured in a renter's home, insurance coverage for renters also protects against liability claims by paying for legal representation in court using money paid in insurance premiums—and covers medical bills for the person injured.
If you're a renter, never go without the right insurance protection, no matter where you reside. Not only are you vulnerable to loss; if someone gets hurt in your home, you could also be held accountable for their loss as well.
Insurance that Protects & Secures
For those who prefer to rent instead of buy, renters coverage guards against loss and crisis. By keeping renters and their finances safe and secure, it provides insurance for a flexible, protected life free from worry and harm.
Don't face the unexpected alone. Let InsureMe provide free renters quotes, find a local agent with low rates—and protect home and treasured belongings today.
