What Are the Benefits of Having Renters Insurance
Are you wondering what the benefits are in buying renters insurance? Do you think it’s just another way for the big insurance machine to get your money? Unlike other kinds of insurance such as auto or homeowners, renters insurance is an affordable way to protect one’s assets, get legal assistance against lawsuits and offer medical help for guests. So, before you discount it as just another household expense, weigh the costs. Renters insurance offers a lot of benefits that you will want to take advantage of.
Benefits
- Renters insurance offers coverage for fire-damaged, stolen and lost property items. Insurance companies ask you to figure out if your kitchen, bedroom and dining room have inexpensive property items under $1500, moderately expensive property items between $1,501 and $5,000 or luxury property items over $5,001. This information is placed in your file and used as a barometer later on how much to pay for any claims. Therefore, with renters insurance you can rest easy in your rental knowing that if something happens to your computer, you’ll be covered and able to get a replacement.
- Assistance with law suits is another benefit of renters insurance. Under the coverage of liability, this insurance offers you legal aid against any lawsuits you might incur. So, if your dog bites the neighbor and they sue you, you get an attorney who will help you fight or negotiate a settlement. It’s also important to note that liability coverage is worldwide. As a result, no matter where you go, you will be covered by it.
- A lesser known benefit of renters insurance is medical coverage. No, it’s not coverage for you or anyone who lives in your household. This coverage extends to your guests regardless of liability. It means that if your great aunt comes for a visit and falls down the stairs because she’s wearing slippery shoes, your renters insurance will pay for her doctor’s bills. This aspect of renters insurance not only helps you care for your guests, but also helps maintain your relationships.
- Peace of mind is the last benefit of renters insurance. Whether you use it or not, the fact that you know it is there will help take a load off your mind. You won’t have to spend hours worrying what will happen if you get robbed or involved in a fire. Everything you own will be replaced, which is a comforting thought for anyone. So if you are a worry wart by nature, you’ll enjoy this benefit because it’ll allow you to get the sleep you need at night or at least give you one less thing to worry about.
Considerations
- Renters insurance is the kind of coverage that can give you a safety net in different areas of your life. For those of you who are on a budget, you will be happy to know that renters insurance is affordable. You can get it for under $300 annually, which translates into around $25 per month or less. This figure is probably less than what you spend every month on your morning coffee. Therefore, renters insurance is definitely an expense you should consider getting if you rent the place you live in.