8 Important Things That You Should Know before Investing in Renters Insurance

Paper cut of family with house and car on green grassMany people love the idea of living in a rented apartment or house, simply because they are not very fond of long-term commitments. They understand the responsibilities implied by ownership and want to avoid them at all costs. Truth be told, the thought that you can always rely on your landlord to solve potential property-related crises rapidly and stress-free can be quite reassuring. Nonetheless, this doesn’t mean that tenants are safeguarded from all categories of risk factors. One day, you could become the target of a burglary attempt; or one of your guests could become the victim of a slip and fall accident on your steps. How could you protect yourself from the legal consequences associated with such unpleasant events? The answer is simple: get a renters insurance policy. Here are a few important aspects that you should consider before actually taking this step.

  1. Renters Insurance Offers Third-Party Liability Protection. Unlike landlord’s insurance, renters’ insurance covers the damages recorded by your guests on your premises. Moreover, this type of policy could also help you cope with the expenses associated with an expensive item that one of your visitors decided to bring on your property. For instance, your best friend may trip on your carpet, fall on his expensive violin and break his ankle. Fortunately, in this case, your renters’ insurance policy could take care of everything, including the expenses associated with your friend’s injury and material losses.
  2. Renters Insurance Would Help You Pay for a New Place If Your Current Home Were to Become Uninhabitable. Picture this: at some point, a natural or man-made disaster could wipe your rented property off the face of the earth, or at least make it completely inhabitable. In this situation, your insurance policy would give you access to the amount of money that you would need to rent a comparable house or an apartment during such a difficult period of transition.
  3. Renters Insurance Lets You Protect the Valuables in Your Home. Who or what can protect the fortunate tenants who store high-value jewelry, works of art and other costly personal belongings in their homes? If you’re not interested in state-of-the-art security systems designed to keep burglary risks at bay, at least invest in a good renters’ insurance policy that would cover your valuable belongings in the event of a theft or an act of vandalism. However, do keep in mind that most policies offer a limit amount of money when it comes to replacing expensive goods that have been destroyed or stolen on your property. In some cases, you may need to pay extra for an additional policy to benefit from an adequate level of coverage, so make sure you read the contract multiple times before actually signing it.
  4. A Good Policy May Also Cover the Items That You Usually Take Outside Your Home. Want to protect the goods that you usually carry around with you every single day? Renters’ policies also cover such “mobile” personal belongings, such as laptops, for example.
  5. Under Certain Circumstances, You Can Benefit from Considerable Discounts. If you’re the type of person who is always looking for a better deal, you should know that you can benefit from a wide range of considerable insurance discounts for your property. For example, you could unlock additional savings by choosing to purchase car insurance and/or life insurance and various other types of policies from the same provider. Also, you could install smoke alarms and security systems inside your Californian rental; this is another valid strategy that could enable you to save a few dollars on your purchase.
  6. Certain Aspects May Prevent You from Getting Great Renters’ Insurance. As you may imagine, insurance companies do everything in their power to protect their own interest. This means that they do a great job at identifying and addressing risk factors that could turn you into a high-risk candidate. Dog breeds that are considered aggressive are only one of the many elements that appear as potentially dangerous in the eyes of insurers. Yes, you’ve got that right: your very own Fido could stop you from getting a better deal while shopping around for renters’ insurance.
  7. There Are Various Types of Renters Insurance Policies That You Should Consider. There is no such thing as a “one-size-fits-all” type of insurance policy. On the contrary, you can create a plan that matches your specific necessities and demands by adding or removing policies. For instance, you may feel the need to spend your money on a policy that only protects your personal property; or perhaps you could like to pay only for third-party liability protection. You could also choose to get a combination of these two options. At the end of the day, renters’ insurance gives you plenty of freedom of choice and numerous benefits.
  8. It’s Always a Good Idea to Perform an Inventory Check before Buying Insurance. How many high-value items do you actually keep inside your house? How much are they worth? You can answer all these questions by touring your property and taking a look around. This simple process will help you determine how much coverage your rental property actually requires. Zealous people go the extra mile to protect their home and personal belongings and usually take pictures that reflect the value and current condition of their goods.

You can save yourself a lot of trouble by simply buying the right type of insurance policy. If you’re still stuck in the apartment search phase, remember that Apartment Hunterz is your trusted partner when it comes to organizing an efficient house hunt. Just check out the verified, recent listings offered by California’s largest apartment finder, connect with hundreds of landlords and property managers and find yourself a new, welcoming home in less than a week.

Apr 2015