Renting an apartment, condo, or house can be an economical way to house your family. However, many renters often forget or downright decide not to purchase insurance coverage—which can be a costly mistake in the long run.
Here are four reasons to purchase a renters insurance policy.
Reason #1: Your Landlord is Not Responsible for Your Stuff
One of the most important reasons to purchase a renters insurance policy is that your landlord is not responsible for your personal belongings. This means that if your apartment, condo, or rented house burns down or is broken into, it is your responsibility to replace each one of your damaged items.
For most people, coming up with the money needed to buy new clothing, furniture, electronics, and other items would be nearly impossible. By having a policy in place before an incident, you can make sure the funds are available for replacing your stuff if a claims situation occurs.
Reason #2: Accidents Happen
Another reason to purchase a renters insurance policy is that accidents do happen and sometimes visitors to your home end up injured. Examples include someone falling over a rug, your friendly (but frightened) dog suddenly biting a guest, or even something much more severe.
Renters insurance policies offer a special coverage called liability. This section pays for any medical bills your injured guest may have related to an accident inside your rented home. In certain circumstances, it can also help pay for any legal fees associated with a lawsuit that is filed in conjunction with the claim.
Reason #3: Thieves Are Ruthless
One more reason to purchase renters insurance is that thieves are ruthless. They break in and take your items without any regard to how it can affect your family. With a renters insurance policy, your personal belongings are covered anywhere in the world. This means that if your laptop is stolen out of your vehicle or your luggage is taken from your hotel room while on vacation, your renters insurance policy would pay to help you replace those items.
Reason #4: Peace of Mind
Probably the most common reason why renters purchase insurance coverage is for peace of mind. By knowing that you have coverage in the event of the unexpected, you can sleep soundly at night without worry.
Still not sure whether or not you need a renters insurance policy? Learn more today. Contact our team at Hudson Valley Agents for a no-obligation quote.