According to Bankrate.com, more than 40 million renters lack renters insurance, putting themselves at financial risk. While many people think they are saving money by not having this insurance, it can actually cost you more money in the long run. What are you at risk of? Read on to discover some reasons you need renters insurance!
Reason 1: Landlord’s Policy May Not Cover Your Property
Many renters assume that if the landlord has insurance on the property, the policy will cover them in the event of a burglary or property damage. Unfortunately, too many renters find out that this is not the case when a traumatic event does happen and they end up losing everything. But renters insurance helps to protect you from financial loss by providing you money to replace or repair your personal belongings. A landlord’s insurance will only reimburse a tenant for their personal belongings if it is proven to be lost or damaged from negligence. Don’t lose out because you don’t have insurance.
Reason 2: You Need Liability Protection
Accidents happen and as a tenant, you may be liable for personal injuries if your guests or neighbors hurt themselves. For example, if a guest falls in your apartment, they could seek injury compensation. Renters insurance will help provide financial protection in many different situations where you could be liable for money.
Reason 3: Insurance is Inexpensive
While most renters think insurance is costly, renters insurance is actually quite inexpensive. There are policies to fit every budget and most policies cost less than a dollar per day. Many policies even include flood insurance. Like other types of insurance, you can choose a higher deductible for a lower monthly premium if money is tight. There is a type of renters insurance for every budget.
There are many different reasons for you to have renters insurance. So what is your policy like? For more information on renters insurance and other apartment living topics, check out our other weekly blogs!
Renters Insurance and Harborside Village Apartments!
Harborside Village Apartments are beautiful waterfront luxury apartments located on the picturesque Gunpowder Cove! To learn more about Harborside Village, please give us a call at 410-679-1130 or send us an email at [email protected]. You can also request a brochure to learn more about life at Harborside Village on our website!