Sunday, 23 September 2018
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This Old House - Do-it-Yourself

Why Renters Insurance Matters

Written by Posted On Wednesday, 12 September 2018 22:24

When you are a renter, it can seem like apartment insurance is not going to cover you for very much. However, when it comes to robberies, this small investment can truly pay off. Furthermore, depending on the policy you get, you will be entitled to several forms of coverage you may not be expecting. To find out more about how a cheap policy can protect you in ways that go beyond your apartment, take a look below.

 

Making the decision to protect yourself at your rental

Despite the fact an apartment renters insurance policy usually costs less than $20 per month, the amount of savings can be significant. While each city has a company that offers rates lower than others, the nationwide standard of $2 dollars is accurate for a full policy. At the lower end of pricing is the $12 to $14 policies. Surprisingly, basic policy add-ons do not cost that much. For instance, tripling the coverage for smart devices and computers only brings the total to $21 in Chicago. In other words, cheap renters insurance will cover you when your landlord will not, and long-term debt due to unforeseeable circumstances quickly evaporates.

 

Some damages caused by poor maintenance are not legally covered by the landlord

If your apartment suddenly becomes uninhabitable due to ground shifting, one of the first signs is broken pipes and electrical issues. While the building may be in the process of being condemned, you will still have to pay the rest of your lease until the city cancels it. In the meantime, the burst pipes and electrical issues have ruined your mattress and fried your television. In these situations, the official USA website states negligence is covered in most renters insurance policies. It may be clearly the fault of the landlord, but getting these items replaced can take months of court dates to resolve. Instead, renters insurance will cover these expenses.

 

Landlords do not always hire professional contractors

Although there are certain repairs landlords are required to have fixed according to city codes, if they can use their own maintenance team, they will do so to save money. Unfortunately, this means your plumbing, toilets, sinks and some electrical installs might be jury-rigged instead of serviced by professional contractors. If a maintenance worker at your apartment overestimates their ability to make a repair, being stuck without a renters policy can have you footing the bill for water damage.

 

You still have to pay rent if you pay out of pocket for repairs

When the landlord claims for over a week they are still unable to find a repair worker for an issue in your building, you might be tempted to pay out-of-pocket for a contractor. Despite the fact you got the job fixed when the landlord could not, you will still need to pay rent while you negotiate with the landlord to get them to pay you back for the repairs. Interestingly, if it gets out-of-hand and the landlord refuses to pay, some renters insurance plans include full or reduced rates for legal services.

 

Property lost in robberies is not covered by the landlord

Although your landlord may pride themselves on having top-rated security systems for your building, the landlord is ultimately not responsible if you get robbed. On the other hand, some apartment insurance plans can include coverage for property outside of the apartment. For instance, you could be covered for property lost that got stolen from inside a car. Along with individual upgrades for increased computer or smartphone coverage, there are also upgrades for personal possession stolen outside of your apartment such as possessions lost on a camping trip or on the commute to work.

 

Accidents in your rented property can affect you legally

Everyone loves playing with your pets, but what if an accidental dog bite occurs? Even if your dog is not known to bite, it can be triggered to bite strangers. For this reason alone, accident insurance can be important to renters. This type of add-on to a renters policy can also be applied to guests that sustain injuries on your rented property during a party, visit or to perform a service.

 

Weird things covered by renter’s insurance policies

Are you worried that minor damages might not be covered in your lease? Depending on the type of insurance policy you get, you might be covered for weird stuff you did not expect. For instance, no one likes the occasional power outages or brownouts, but losing refrigerator or freezer items that become spoiled can take a toll on your budget if you are not insured. Renters can also buy flood insurance.

 

Making the decision to protect yourself at your rental

Despite the fact an apartment renters insurance policy usually costs less than $20 per month, the amount of savings can be significant. While each city has a company that offers rates lower than others, the nationwide standard of $2 dollars is accurate for a full policy. At the lower end of pricing is the $12 to $14 policies. Surprisingly, basic policy add-ons do not cost that much. For instance, tripling the coverage for smart devices and computers only brings the total to $21 in Chicago. In other words, cheap renters insurance will cover you when your landlord will not, and long-term debt due to unforeseeable circumstances quickly evaporates.

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