Renting has many benefits- you don't have to pay for building upkeep, commit to a long-term mortgage or be forced to stay in one place too long.
Avoiding such inconveniences and other reasons may account for why homeownership is at a 51 year low and why many people prefer renting, yet only 40% of renters carry insurance coverage as opposed to 95% of homeowners, per the Insurance Information Institute.
Renters, too, need affordable insurance to protect themselves and their belongings. Which is why we are listing seven benefits to carrying renters insurance.
1. HOTEL COSTS AFTER A DISASTER
You don't have to ask friends or family for a place to stay while waiting for repairs to your home after disasters like a fire. Renters insurance includes "additional living expenses" coverage if your place becomes uninhabitable. This coverage will reimburse you for the extra cost to stay in a hotel or rent another apartment.
2. MEDICAL EXPENSES FOR INJURED GUESTS
If a guest is hurt, renters insurance will pay their medical bills up to a certain limit. This way you avoid any strain from your friend or family paying out of their own pocket.
3. DAMAGE YOUR KIDS CAUSE TO OTHERS
We all love our kids and yet, sometimes they cost us for accidents. If your little one breaks the neighbors window, a renters policy could pay for it.
4. LEGAL COSTS IF YOU'RE SUED
If someone is injured in your home or if you accidentally hurt someone and are sued, the liability on a renters policy would pay your legal costs and court judgments up to the policy limits.
5. DOG BITES
Most renters polices will cover these mishaps, however some do exclude against certain breeds.
Probably one of the worst feelings is to have the sanctity of your home violated and possessions stolen. Renters insurance will cover your belongings up to a certain limit on your policy after you've met the deductible.
7. BELONGINGS WHILE AWAY FROM HOME
Your belongings are also covered away from home, too. This falls under "off-premise" coverage and, again, is limited to a portion or percentage of your total policy coverage.
So protect yourself from all of these scenarios and many more. Ask one of our experienced agents about quoting a renters policy for you, today!