If you’re renting the home that you live in, you may want to consider getting insurance. Did you know that only about 30% of renters have tenant insurance? Many don’t even know that it’s available to them. If something happened to the home, you wouldn’t have to pay to fix it because you rent it, but you would have to pay to replace all the belongings you lost due to the damage. Some of those items, such as televisions, gaming systems, and jewelry are expensive to replace on your own, especially all at once.
What Will This Insurance Cover?
If you did get tenant insurance, the policy would cover the cost of any belongings that were damaged. Instead of buying a new television, electronics, and other items with money from your savings account, you’d receive the money from your insurance policy to replace them.
Along with coverage for your belongings, you can receive liability insurance coverage. If your rental home features a swimming pool or hot tub, those specific amenities are considered liabilities because there’s a possibility that a guest could become injured in either one of them. Having any liabilities on your property without the proper insurance is always a risk. If a guest gets hurts when they’re at your home, they may decide they want to file a lawsuit against you. The tenant insurance could protect you from a pricey lawsuit.
Avoid Risks With Protection
Avoid taking risks by purchasing the necessary coverage. You can decide what kind of coverage you need based on the type of apartment you’re living in, the belongings you own, and the liabilities that you may have.