Do You Need Rental Insurance?

Rental insurance is an inexpensive way to protect your belongings and income. Find out if you need it here.

Do You Need Rental Insurance?

Why would one require rental insurance? It's because your rental could be expropriated, which means it could be legally seized by a third party who claims they have ownership rights to the property or the tenant. This would leave the renter without a residence, and worse yet, the landlord might not offer any form of reimbursement for what was lost through such an unfortunate event since he or she would likely not be at fault for taking action against this kind of claim.

A report from a study done by the American Insurance Association in 2008 indicates that about 3/4 of renters nationwide do not have rental insurance. While the landlord would be in charge of any such claim, it's still a good idea to insure against theft or vandalism. A large portion of those who rent will live within cities that fall into the 'very high risk' category, while some will only take chances with apartments located in dangerous neighborhoods.

What kinds of damage can you expect? Many tenants don't take into consideration what could happen to their property as a result of the many people who are renting out units on the same property where they live. In fact, this is most likely what happened to the tenant on a recent case that was featured on the NewsChannel5 website. According to this report, a woman had her car, home, and furniture all broken into by guests from the next property over. She was told by authorities that she could not get any money from them – but they did reimburse her for the cost of repairs for the few articles that were actually damaged due to their actions against her.

What kind of coverage should you purchase then? All renters are advised to purchase at least $200 worth of insurance value for each $1,000 they spend when renting a unit. If you're paying $1,000 a month for rent, then you should be spending about $200 on rental insurance. This will protect you in the unfortunate event that your unit is damaged or broken into by someone else who might live on the same property where your rental is located.

You can also get additional coverage for vehicles if needed. Some people have their own assets covered by their home owners insurance, but if not, it could be a good idea to look into this as well because renters insurance can offer quite a bit when it comes to coverage for your valuables.

What if you don't have it? If your property is damaged or stolen, there's a good chance you will not be reimbursed for any of the losses at all if you do not have the right kind of coverage. You might be able to dispute any claims with the insurance company later on, but until something better is done about a claim you might want to consider getting the rental policy they offer in order to protect your assets just in case.

There are also other kinds of policies that could offer even more protection than what is mentioned here. This includes weather damage or even damage from a flood, wind storm, hail, and so on. Basically, you can include whatever damage you feel you might need to protect yourself against in the policy.

If you find that your neighbors do not have enough insurance to cover all of your belongings, or they have no insurance at all, then it's a good idea to talk to someone about it and make sure that you get the right protection.

How can I get more information? You can get more information by calling one of our specialists at 888-38-SCRAP (888-384-7262). In most cases, we would be happy to provide a free online quote for you.

We can discuss any other questions that you might have as well.

Call us today! 888-382-4357

8:00 AM to 6:00 PM (CST) 7 Days A Week. Do You Need Rental Insurance? [ARTICLE END] . -- While I agree with the content of this article, it's one thing to let someone else do your research for you, and another thing entirely to just take their word for it.   What the insurance company says in this article is clearly designed to make you feel like you need insurance and that they are doing you a favor by providing it as a service - which they are not.   Their goal is to get your money - period.   I recommend getting an independent quote from them and a few other companies and doing your own research on the internet.

 Rental insurance provides a way for renters to protect their assets, but it also protects landlords from losing income if damage or theft occurs. The cost of such policies are typically pretty inexpensive as long as you take into consideration the amount of coverage that you need for each individual policy.

 The idea behind these policies is to cover things like belongings, housing, and vehicles as well as anything else that a renter might need during their stay. A good example of a policy that you shouldn't overlook is the $100,000 landlords insurance policy which provides coverage for everything that could happen in the event of theft or damage to a landlord's property.

It's also possible to purchase additional coverage such as pet insurance which would protect pets from injury similar to renters policies but also protect landlords if their tenants were not able to pay for medical care in the event of an accident.

There are plenty of other kinds of renters policies available that could also be important depending on your situation and financial needs.

The protection that renters get from renters policies is important to consider. If you are a renter, then it is very important to protect your belongings and your home at all times. There are plenty of ways that a tenant can protect themselves from theft or damage during their stay, but it can also be beneficial to make sure that the landlord takes in some sort of insurance as well.

Having renters insurance protects both parties by providing coverage for damage and theft as well as reimbursement for loss or damage if necessary. It also allows landlords to be sure that they get all of the money back from tenants in the event that something goes wrong.

Conclusion

Renters policies are very important. They can protect your belongings as well as your home and even pets and other assets that you might want to keep away from damage. For the renter, renters insurance can offer plenty of protection and also ensure that landlords get reimbursed in the event that something does happen to a tenant's property or their home while they are staying there.

If you have further questions or if you would like to learn more about renting insurance, then please feel free to call one of our representatives at 888-38-SCRAP (888-384-7262). We would be happy to discuss your needs and provide information about different policies available.