Benefits of Renters Insurance
One night in August of 2015, a fire set off by a negligent smoker sent 20 apartment complex tenants out into Henderson’s streets. The evacuees escaped with little more than their lives, their pets and the clothes on their backs. Unless they had renters insurance, these Nevada residents most likely lost everything else.
Why Renters Insurance Makes Sense
The value of an apartment’s contents is often greater than its occupants consciously realize. An inventory of any such living space is likely to include:
Appliances- Artwork
- Books
- Collectible items
- Electronic equipment
- Furniture
- Jewelry
- Musical instruments
- Photographs
If anything unexpected should destroy these possessions, replacement will most likely cost a good deal. Renters insurance could easily be the only thing that will help.
Your Landlord’s Insurance Won’t Cover You
Many people who sign a lease do so in the belief that if fire, theft or other disaster should destroy their personal assets, the landlord’s homeowners insurance will cover their losses. This is a misconception. Although some policies of this type do provide tenant protection, most cover no more than the building itself as well as its owner’s belongings. If apartment dwellers should seek relief, they will likely be out of luck.
Renters Insurance and Fire Protection
An apartment fire can do more than simply put its residents out on the street. The associated damages can run as high as tens of thousands of dollars. This is just another area in which renters insurance can prove invaluable. In addition to helping to replace your ruined belongings, many such policies will pay for temporary housing while your living quarters undergo repair.
Renters Insurance and Personal Liability
As an apartment dweller, you are legally responsible for the physical well-being of each person who crosses your threshold. If one of them should suffer bodily harm within the confines of your residence, you could find yourself on the wrong end of a liability claim. Since expenses in cases of this nature can range from tens to hundreds of thousands of dollars, renters insurance could potentially save you from bankruptcy.
Renters Insurance and Damage Defense
Despite your best intentions, the day may come when you, a renter, cause damage to the property of someone else. Whether you hit a neighbor’s car in the complex parking lot, flood your landlord’s basement floor or wipe out someone’s valued set of antique Limoges china, the injured party is likely to come looking for compensation. In situations like these, renters insurance will come to your rescue.
How Renters Insurance Can Fill in the Blanks
If you carry one or more other forms of insurance, your coverage could contain gaps of which you are not entirely aware. For example, most auto policies will not reimburse you for the theft of personal items left inside your car. Renters insurance can take over where such coverage leaves off and strive to make good on these losses.
Renters Insurance Costs Very Little
When it comes to the health of your wallet, the purchase of renters insurance will have less of an impact than you may have imagined. Most such policies cost no more than a few cents a day. Those who add it to their existing life or auto insurance coverage can save even more.
Renters Insurance and You
To determine whether renters insurance could be of any benefit to you, take a few minutes to calculate the dollar value of every item in your living space. Now, factor in the potential costs of replacing someone else’s possessions or paying their medical bills if they should suffer physical harm while visiting your premises. Once they’ve considered all potential opportunities for loss, many who once viewed renters insurance as just another unwanted expense frequently change their minds.
How Insurance Specialists Can Help You Save
The 20 displaced tenants from that Henderson fire likely never dreamed that such a disaster would happen to them. You may feel the same way. Although the purchase of any such policy may seem a roll of the dice, renters insurance has saved many a tenant from potential ruin when Lady Luck ran out. It can help you as well. The experts at Insurance Specialists can explain the various forms of renters insurance and show you how combining it with one of your other policies can save you serious money. If you have any questions about obtaining this coverage for yourself, give us a call at 702-307-3398. One of our consultants will always be happy to help.