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Why Do You Need Renters Insurance?

by Uneeb Khan

When renting a home, you must pay attention to the renter’s insurance. Your landlord will insure the building, but it is your responsibility to ensure you have adequate property renters insurance. If you think this is an unnecessary expense, you are wrong. In the long run, this type of insurance can save you from financial ruin in a disaster.

1. Liability Insurance for Your Home

One of the main reasons to purchase home insurance is to protect your home from liability damage. There are many instances where insurance can save your home. If water leaks from your home into the house below, your insurance will pay for repairs to the other party’s home. And if a visitor slips and falls in your home, your insurance will cover the cost of medical treatment for your injuries and, if the visitor sues you and wins, up to your liability limit.

2. Coverage for Expenses during the Repair Period

There may come a time when you have no choice but to leave your home for repairs. Your tenant’s insurance covers any costs you may incur during this time. You will need to check with your insurance company to find out the amount of compensation, but it is usually about 30-40% of the premium.

3. Theft and Vandalism

Theft and vandalism can happen anytime, but with proper renters insurance, you can cover the costs and avoid financial loss. Insurance premiums generally depend on the level of security in your home and where you live. Installing security equipment can reduce premiums, but you still get the benefits of renters insurance.

4. Natural Disasters

There’s no denying that natural disasters can be a significant blow to households that don’t have adequate insurance and can lead to financial ruin. High winds, lightning, floods, fires, and volcanic eruptions are just a few of the natural disasters that threaten you at any given time, depending on where you live. It would help if you had adequate rental insurance that protects you against such disasters.

5. Do Not Rely Solely On the Landlord’s Insurance

Don’t mistake using your landlord’s insurance as an excuse not to buy renter’s insurance. Landlord’s insurance only covers structural damage, and often not even that. Therefore, you must ensure that you have the best renters insurance NYC. Also, a few dollars a month won’t hurt if you receive benefits and are financially protected in the event of a disaster.

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