Moving into a new rental can be exciting! However, you may be thinking of items such as moving, location amenities, insurances and other administrative items associated with relocating.
And when it comes to renter’s insurance, you may find yourself with more of a stress load than you bargained for. But once you understand the basics, you’ll have a grasp firm enough to keep yourself moving during your new rental journey.
What is renters insurance?
Renters insurance offers protection for personal goods in a rental property, and many complexes and landlords require tenants to purchase a renters insurance policy.
It’s similar to homeowners insurance as it protects your personal items. However, renters insurance is cheaper than homeowners insurance. On average, it costs about $15 a month.
What does renters insurance cover?
Renters insurance offers personal property coverage and liability coverage. Some policies may even offer coverage for additional living expenses should you become unable to occupy your rental residence. And for those without additional living expenses in their policy, many insurance companies will offer additional add-ons for said coverage.
What renters insurance does not cover
Even though renters insurance offers coverage against a wide range of perils, there are some things not covered. In fact, many policies won’t cover pests, earthquakes or flooding. However, that doesn’t mean your personal property cannot be covered. You may just need to take out additional coverage to fill in the areas that your required policy may leave empty.
Is renter's insurance a good idea?
Renters insurance policies offer protection when disaster strikes, leaving you and your personal property covered. Without it, you may find yourself liable for situations that are not your fault, such as a neighbor accidentally starting a unit fire that impacts neighboring units.
This alone could run you as much as $20,000 or more, depending on the damage done from someone else’s negligence.
So, while renters insurance may be a requirement for some, it’s worth the purchase for all. After all, peace of mind is one of the facets that makes a home comforting, regardless of ownership.
About the Author
Deborah Tomczak
Hello, my name is Deborah Tomczak, One of the Top Selling Real Estate Agents on the Space Coast working with Remax/Elite.
I specialize in the business of pairing discerning buyers with homes that match their wants and needs, and maximizing profits for people with real estate to sell. My commitment to you is that I will make sure you are communicated with during the entire process to reduce stress and ensure a positive outcome.
I bring a 25 year corporate career in marketing and advertising to my 19 year real estate business, allowing me to utilize skills and experience to make the best use my clients time and minimize unforeseen challenges that may arise.
I'd be honored to put my real estate experience to work for you.