Do I Need Renters Insurance? Dispelling Myths and Making Sense of the Protection Game
The Unexpected Reality of Renting
It’s not pleasant to think about, but you could be out thousands of dollars if you lose your belongings to theft, fire, water damage, and other unforeseeable events as a renter. Unfortunately, many tenants believe the homeowner’s insurance will cover losses, or that the cost of renters insurance isn’t worth putting the protection in place. But, it turns out, homeowner’s insurance typically only covers the homeowner’s property, not a tenant’s, and the typical policy is quite affordable. Read on to learn more.
Why Do I Need Renters Insurance?
You may be asking yourself, “do I really need renters insurance?” Our answer is an emphatic yes! Why? Because you’re protecting yourself from unpredictable scenarios. No one ever thinks they’ll deal with a kitchen fire, an upstairs neighbor’s unit leaking into theirs, or a burglar having their pick of our valuables while we’re at work or on vacation. Burglary? Sadly, though, we manage hundreds of properties and see these situations unfold regularly.
Renters insurance covers all these unfortunate events and more. And here’s the best part – it comes at a pretty reasonable rate. So, for the price of a few cups of coffee a month, you relax knowing your personal belongings are covered.
Finding the Right Renters Insurance
“How do I get a policy?” We’re glad you asked! First, learn more about what renters insurance is, what it covers, and what it doesn’t. Then, check reviews for renters insurance companies and agents in your area on Yelp and Google, and start comparing. Rather than just looking for 5 stars, find an agent or company with multiple reviews and read a few. Is the company easy to work with when there is a claim? Can you talk to a human when you need help? And, ask around – check with friends and neighbors. Your favorite Realtor can even help – we come in contact with many insurance agents and are happy to refer the best!
Finally, talk to your agent about fine-tuning your policy to meet your needs. For example, be sure that your coverage is enough to cover the contents of your home. You’ll also want to ask about liability insurance which covers you in the event that you’re found liable for accidents occurring in your rental home that cause damages or injury, as well as additional living expenses which will offset the cost of temporary living arrangements should your home become uninhabitable.
The Bottom Line: Do I Need Renters Insurance?
Think of it this way, if our leases recommend a renters insurance policy (and it does!), it means it’s important. You could get away without it, but you’ll be glad you were prepared for the worst if something unexpected happens. Renters insurance is there when life throws you a curve ball, and trust us, as property managers, we’ve seen proof that life has a pretty good arm. So, while you’re thinking about it, go on and do your research.
And when you’re ready to purchase your first or next home, think of Desert Dimensions Properties, Call to speak with an experienced licensed Realtor today at 480-270-5355.