Are you renting an apartment? It’s safe to say that renting can offer a magnitude of benefits in comparison to homeownership.
When budgeting for an apartment, it’s important to account for the cost of renter’s insurance. While this is an additional fee to budget for, it’s safe to say that there are many benefits of renter’s insurance.
To help, we’re going to name a few and explain how they’re sure to save you money over time.
1. Protects Your Belongings
First and foremost, rental insurance will provide you with coverage for your belongings.
This will cover every piece of content that you own and is present inside of your home. This could be anything from your computer and your television to your couch and bedroom furniture.
If disaster struck and these items were suddenly lost, your renter’s insurance would provide you with the estimated cost to replace these items. Without an insurance plan in place, these costs are left to yours truly.
2. Provides Medical Expenses for Injured Guests
Did someone injure themselves in your apartment?
Perhaps someone slipped and broke one of their ribs. Depending on the scale of such an injury, this could leave your guest with a hefty hospital bill and a longstanding rehabilitation plan.
The good news is that your policy will cover you in the event that one of your guests faces injury. This will help to take the stress out of inviting guests into your home.
3. Covers Unforeseen Living Arrangements
If something happened to your apartment and you had no choice but to evacuate, what would you do?
When renting an apartment, unforeseen circumstances could present themselves from time to time. This could be the result of a natural disaster or a sudden problem within the community itself.
For those with renter’s insurance, the plan will include covering the cost of any necessary relocation. Whether your apartment caught fire or your floor was subject to a flood, your insurance company will cover your temporary relocation costs.
Depending on your plan, they may also cover the costs of food and utilities during your relocation period.
4. Helps to Cover Legal Costs
Fortunately, your renter’s insurance will also include a degree of liability insurance. This will help to cover you in the event that someone is injured within your home or a guest chooses to sue you for damages.
If your dog confuses your guest’s finger for their favorite toy, your guest could be left with a hefty medical bill. If your guest chooses to sue you for damages or liability, your insurance will help to cover these costs.
Knowing that this is a possibility will help to lower your stress and increase your everyday happiness in your home.
5. More Affordable Than You Think
It goes without saying that insurance premiums are generally high. In fact, over 44 million Americans don’t have access to health insurance simply because they can’t afford it.
The good news is that renter’s insurance is significantly more affordable than other insurance policies. While all policies are different, a basic rental insurance plan can cost less than a standard phone plan.
While this is yet another monthly cost to account for, it’s could save you significant money in the long run.
The Best Benefits of Renter’s Insurance
As you can see, there are many benefits to holding renter’s insurance for your apartment.
If you need help choosing a company, talk to the management team to see if they can recommend an insurance company. Chances are they’ll be able to suggest a company or two that other residents have used.