When you rent an apartment or a home from a landlord, you need to protect your belongings from theft, the threat of a fire or flood, or possible devastation caused by earthquakes, tornadoes, or hurricanes (depending on where you live). Unfortunately, while most homeowners have an insurance policy in place, most tenants do not bother with obtaining renters insurance until it’s too late.
But as a renter you really need to consider this important product as a way of protecting yourself from major financial losses when tragic incidents occur. After all, something like a fire can drastically change your life, as well as cause you to lose the precious personal belongings that make your everyday life more comforting. Get Preferred Insurance and have the comfort of knowing you won’t lose everything you own without any compensation.
Common misperceptions about renting property
You may have a false sense of security thinking that you’ll automatically be covered if something happens to the home you’re renting from a landlord or property manager. But, if you take the time to read the lease agreement you may have a better understanding of the fact that most are written stating that, “tenant shall hold the landlord/property manager harmless from any and all liability”. What this means is that the property manager’s insurance policy covers only the structure, not the tenant’s personal contents.
While insurance premiums may seem costly, imagine having to replace all of your belongings because a hurricane devastates the entire town. The expense, not to mention the inconvenience, associated with replacing clothes, jewelry, food, furniture, TV, computers, and any other supplies lost can be substantial without renters insurance. It will easily end up costing you a lot more than the annual cost of insurance.
Other reasons for obtaining a renter’s insurance policy
Natural disasters aside, there’s also the threat of vandalism or theft, liability issues, like slips and falls, or property defects resulting in the destruction of personal property. In the case of a property defect, it’s typical that the landlord’s insurance policy will cover the structure only, so if you’re the victim of a leaky roof, the landlord will usually repair or replace the roof, but not any personal property damaged because that would only be covered by your renters policy from Get Preferred Insurance.
Renter’s or tenant’s insurance can usually be purchased for as little as $20 a month and at a discount if lumped together with an auto insurance policy. It will certainly pay off in the event of a disaster of any sort.