If you drive a car, you wouldn’t think of not carrying auto insurance. If you owned a home, you wouldn’t think twice about buying homeowners insurance. For those who rent a house or apartment, there is no reason not to buy a renters insurance policy. You might think you’re fine without it—but that’s the purpose of insurance—to handle the disasters that you never expect. If you don’t think renter’s insurance is worth the money, read on to learn about a few instances where you might wish you had it.
1. Your Stuff Gets Stolen
If a thief breaks into your apartment and steals your things, your renter’s insurance policy can be used to pay for replacement items. Without renter’s insurance, you are out of luck when your things get stolen. Thieves often target apartments because they tend to have less security protection than a home, so it is easier to break in. You could be out thousands of dollars after a robbery if you didn’t set up a renter’s insurance policy to protect you beforehand.
2. Another Tenant (or Animal) Damages Your Property
The tenant living next door could damage your car in the parking lot of your apartment complex, or a neighbor’s dog or cat could somehow ruin part of the interior or exterior of your home. If you have a renter’s insurance policy, you can get the damage to your belongings repaired at no cost to yourself. It depends on your policy, but if your apartment gets infested, most policies won’t cover it. However, if the state of the apartment is deemed “unlivable” you might be able to get a break on rent from your landlord if the infestation forces you to vacate the apartment for a few weeks.
3. A Guest Breaks One of Your Expensive Devices
While no one intends to break your television or drop your computer, accidents happen. Perhaps someone knocks over one of your expensive electronics, or smashes a pricey family heirloom. If you don’t have renter’s insurance, not only are you without the item that was broken, but you are out the money as well. A renter’s insurance policy will give you a better chance of replacing or repairing the damaged item, or at least getting you the money for it.
4. A Water Leak Could Ruin Everything
A plumbing problem could cause water to flow everywhere in your apartment or leak from an upstairs unit into your living room. Flooding in your apartment will cause serious damage not only to the structure of the building, but to your personal property—especially electronics. Renters insurance gives you the peace of mind that comes with knowing that your stuff will be replaced if it needs to be due to water damage. If you come back from vacation and find your apartment to be completely submerged in water, you’ll have the satisfaction of knowing that your damaged property will be replaced.
While renters insurance is an often overlooked policy, it is one of the most important policies to have if you are a renter, especially if you value your belongings. Don’t wait until one of these unfortunate accidents happens to you—realize the value of renter’s insurance and don’t go another day without it!
This article was written by Dixie Somers, a freelance writer who loves to write for business, women’s interests, and the home niches. Dixie got her advice about property damages from the Vancouver pest control professionals of Pest Detective who suggest that you invest in renter’s insurance so that you won’t be held financially responsible for any pre-existing damages or problems that aren’t visible to the naked eye.
