If you are renting a property you are probably wondering if you should get renters insurance or not. There are many people who think that just because they are renting that they don't need to get any kind of insurance. This is flawed thinking and can actually get you into a good deal of trouble. This is why you should always carry renters insurance. Here are some things you should know about renters insurance.
1. Renters Insurance Protects Your Belongings
Yes, your landlord will have homeowners insurance that will actually insure the home, so that if anything happens to the home, they don't lose any money on the repairs. This is for the landlord's protection, not for yours. This means that if there is something that happens to the house, the landlord will have protection, but you will not and all of your costs from lost belongings will be sunken. If you do not have renters insurance you will have no way to get back all that you lost in your belongings. This is one of the main reasons why you should be carrying renters insurance. It will protect everything that is your property in the house.
2. Renters Insurance Protects You From Lawsuits
It is not unusual to have a lawsuit filed against you for something that happened on a property that you are renting. For example, if someone slips and falls on the property, there is a good chance that they could sue you, not the landlord for their injuries. This means that a simple lawsuit could send you into bankruptcy unless you have some sort of liability insurance.
Renters insurance offers you that kind of protection. You have liability coverage, up to a certain amount that you pay for, so that if you were to be sued, you personally wouldn't be on the hook for all of the costs.
3. Renters Insurance Protects You If You Can't Live In The House
Lastly, if the house isn't able to be lived in for some time, say a mold problem, you still could be on the hook to pay rent. However, with renters insurance you can get help with temporary housing so that you aren't paying rent at two places. This has been life saving for people who can't afford two housing payments, but their house is unable to live in for a time.
By knowing these things you can be prepared with renters insurance. Contact a company, like United Counties Insurance Group, for more help.