Over time, renting has become very popular. For instance, there are about 74% more renters today than in 1960. There are many reasons why this is so. However, with the increase in the number of renters, rental insurance has also become more popular. Here are three reasons why you might want to invest in rental insurance.
Coverage for Damage You Caused
It is not uncommon for a renter to cause unintentional damage to a property they will be staying in. For instance, you can leave the water running and it can flood some rooms and ruin some personal belongings including a couch or bed. Situations like these can be quite costly, and if you are not prepared financially, you can end up spending a lot of money to replace those. However, if you have rental insurance, you can simply contact your insurance company and have them handle the cost of replacement.
Protection for Your Guests
Accidents are common and sometimes unavoidable. If you have pets on your property, you will be held liable if they attack one of your visitors. In some states, you will be required to compensate your guests if they are injured by your pets on your property. With rental insurance, you will be covered against personal injury. Apart from that, you will also be covered against injury to one or more of your visitors on your rented property.
Your Landlord Might Require It
If your landlord has insurance, chances are the insurance only covers the actual premises and not your belongings. That is why you should have your own rental insurance. Also, many landlords now require that their tenants have renters insurance. Not only that, but they will also want to see proof that you have an active policy.
Sometimes this is just the landlord’s idea of making life simple. However, in some instances, they could have been instructed to do so by their own insurance company. The general idea is that if the tenant is covered, then a lot of the blame will not be directed towards the landlord. If you need help getting rental insurance, you can talk to your landlord and find out if they know anything about it.
Rental insurance gives you financial protection against loss or damage of property. There are several products offering different advantages and with different terms. It is advisable to find the best one and make sure you are always up to date with your premiums.