If you’re a tenant, you need renter’s insurance. Many South Portland property managers and landlords ask for proof of renter’s insurance before you move in. But even if they don’t require it, you should still get renter’s insurance for yourself.
It may appear unnecessary, but renter’s insurance is inexpensive and offers peace of mind if something happens to your belongings. The process of obtaining renter’s insurance is straightforward. You can contact an insurance agent or go online to compare policies. Here are five reasons why you should have renter’s insurance.
Your landlord’s insurance doesn’t cover your belongings in the event of a power outage, fire, flood, theft, or other disasters.
Your landlord’s insurance most likely covers just the property, not your personal items. If a fire or flood damages your apartment, you’ll have to replace items not covered by renter’s insurance.
Renter’s insurance is relatively cheap and can be customized to fit your needs.
You can secure a basic renter’s insurance policy for less than $20 per month. If you possess high-value items like jewelry or art, you can include extra coverage for their full protection. This affordability provides financial security in the event of unforeseen incidents.
You can customize your renter’s insurance to include liability coverage, protecting you if the property is damaged by you or a guest, or if someone is injured and sues you. If you have roommates, they need separate policies since your renter’s insurance does not cover their belongings.
Each adult in the rental needs their own renter’s insurance policy.
Most renter’s insurance policies cover temporary living expenses if you have to move out of your apartment due to a disaster.
If your apartment is uninhabitable from a fire or flood, your renter’s insurance will likely cover the cost of a hotel or temporary housing. This can be a huge help if you don’t have the money to cover these unexpected expenses.
Renter’s insurance can aid you in rebuilding your life if something happens to your belongings. If you lose everything in a fire or theft, renter’s insurance can help replace your belongings. This can be a great help if you lack the funds to replace everything at once.
Renter’s insurance can also help replace important documents like your passport or birth certificate if they are lost or destroyed. Losing these items can cause financial hardship and make them difficult to replace.
Having renter’s insurance gives you peace of mind, knowing you’re covered in an emergency.
No one wants to think about worst-case scenarios, but accidents and natural disasters do occur. And if something happens to your belongings, it’s nice to know you have coverage. Renter’s insurance gives you peace of mind by knowing you’re protected in an emergency.
A competent manager is crucial for stress-free property ownership for landlords and property owners. At Real Property Management Evertrust, we take every property seriously and aim to surpass expectations. Contact us or call 207-550-0776 for outstanding services in South Portland and nearby.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
