Why You Need Renters Insurance

There are many reasons why people buy a renters insurance policy. If you are someone intending to buy a policy because you understood its benefits to you, congratulations on your decision. Not all people appreciate the value of a renter’s insurance coverage until it is too late.

If you are someone who is buying simply because it is a landlord’s requirement, then you need to fully realize what you are getting into. There are so many misconceptions that surround a renter’s insurance policy and thus it is understandable that majority of tenants do have one.

Do not fall into the trap that this insurance policy is not important. If you are a tenant and you wish to protect your property, you need a renter’s insurance. Here are some points that may help you decide whether to buy one or not.

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When you are renting your place of residence, whether it is a single family home, an apartment, a flat, a condominium, you need a renters insurance policy. Yes, landlords have their insurance policies to cover damages to the apartment building in case of calamity but that’s it.

It does not cover your personal possessions a single cent. So when unfortunate things happen like fire or storm, damages to your properties as a result of your apartment’s ceiling falling down is not your landlord’s responsibility.

Your renters insurance, if you have one, will cover this eventuality otherwise, you do not get any assistance for replacement costs. If your apartment needs repair, you can claim for temporary accommodation expenses until such time that you are able to return to your abode.

Your coverage is not only for damages caused by a calamity but also for theft, vandalism or pilferage. With renters insurance, protection for your properties extend even outside the premises.

An example of this is when somebody steals your laptop left in the car or you lost your luggage on your flight back from conference.

A renters insurance policy has also coverage for liability claims. 

This includes claims that your co-renters can make if something happens to the vicinity, like fire, because of your own doing, albeit unintentionally.

You can also claim for medical expenses when your visitors who were there during the incident and got injured. If the injured person decides to sue you, your insurance company can help you with the legal fees.

There is no telling when an accident will happen. Even if we are careful, there are things that are simply beyond our control like storm. Sometimes, misfortune happens because of our own carelessness or negligence.

Whatever that is, it is always prudent to be prepared always… in this case, getting renters insurance quotes. The policy will cost you a few hundred dollars for one full year; a little price to pay for the peace of mind you would get in return.

The key is to make sure that you purchase your renter’s insurance policy from reputable and trusted companies. Shop around and ask solid referrals so that you will get the best deal price-wise and quality –wise.

Student Renters Insurance

Picture: Illustration student renters insurance

This being said, a student’s financial concerns could include paying for tuition fees, daily living expenses and apartment rent. Other things like student’s renter insurance take the back seat as they are not seen as necessities to daily living.

However, failing to buy a student’s renter insurance can have its dire consequences too. Living in apartments off campus has its inherent risks not only because of accidents like fire and storm but also because of its exposure to theft and pilferage.

One can never be sure of the person next door and paying for an insurance premium could prove more economical than replacing your things due to loss.

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There are several reasons that make buying a student’s renters insurance a wise decision. This article aims to give you some of those and hopefully enable you to decide if it applies to your circumstance.

It is more economical – You can never protect your things from theft and pilferage or from untoward events like fire. A student’s renter insurance can cost you a few hundred dollars in a year and that is way economical than having to buy new things in case of loss.

Landlord insurance does not cover your personal belongings – it you are staying off campus and think your landlord’s insurance is all you need to protect your properties, you are gravely wrong. Many students have this misconception and ending up with more financial woes.

You need to protect your expensive belongings – Laptops, mobile phones, and other electronic gadgets are now commonplace in a student’s possessions.

You may even have a bike or a car or have some appliance in your flat like television, refrigerators and components. Replacing them will cost you a fortune compared to the small amount you need to pay for insurance premiums.

Someone might get injured in your premises – I heard someone say she thought that college life is one big party and reaped the consequences after. Although this is entirely a skewed view of college life, we cannot deny that occasional parties and gatherings are part of a normal college experience. 

When you host one in your flat and someone gets hurt or injured, a student renter’s insurance covers medical expenses as well as legal fees arising from such mishap.

Building a credit reputation – You will not be a student forever. Eventually, you will come out into the real world and live a life of an adult and perhaps raise a family.

You may need to seek loans for a home or a business

When you have a record of paying your insurance premium responsibly, this will help build a good credit reputation.

These are only some of the reasons that make searching for student renters insurance quotes necessary. There could be a host of other things like forgetting to unplug an appliance that caused your apartment building to go in flames.

You see, even a simple carelessness (which is very common among the youth, by the way) could result in huge financial problems that their meager income could handle. The key is prudence in every decision and having an insurance coverage is certainly one of them.

Should Landlords Require Renters Insurance?

Picture: illustration should landlords require renters insurance

Despite being questioned by a lot of renters on its legality, this is fast becoming an acceptable practice now. The importance of having a renter’s insurance policy cannot be taken for granted and more and more people, landlords and tenants alike, have come to appreciate its usefulness.

There are laws governing landlord-tenant relationship. State laws are mainly on how to ensure proper procedures and fairness such as advance termination notices and security deposit issues.

On the other hand, local laws usually deal with protecting tenants from exorbitant increases or against eviction. Matters regarding renters insurance are left at the discretion of the landlord.

However, because he would want his units to be leased, it is very improbable that he would require unreasonable coverage.

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But what exactly is a renters insurance for? Is it not the landlord’s responsibility to keep his premises safe at all times? While this may be true up to a certain extent, a landlord’s insurance policy has its limitations too.

These policies cover damages to the general structure of the building as well as all common areas. But, and there’s a big but here, they do not include paying for damages to personal belongings of a tenant.

So let me walk you through the details of a renters insurance policy.

When a mishap happens, not only landlords face risk but their renters as well. And because a landlord’s insurance policy has its limitations, having a renter’s coverage is a must. Unlike a homeowner’s insurance, this is not required by law although prudence dictates its necessity.

And for somebody who is forward looking and wants to exercise caution, this is the best option a renter could have to protect his or her belongings. While it is the landlord’s lookout to keep the building safe, a renter has his share of responsibility to take care of the unit he is renting.

Landlords also require renters insurance because this takes off the burden of some cases where an irresponsible tenant might sue for damages against a landlord on incidents caused by his own negligence.

Also, visitors injured in the premises are more likely to claim damages from the tenant’s insurance if he is covered rather from the landlord’s insurance.

As a matter of practice, landlords require tenants to present proof of insurance with them as the secondary party insured. This way, he is kept abreast if there are payment lapses in your premiums. Failing to comply with the payments may be cause for the termination of your lease contract.

Generally, a renter’s insurance is a wise decision whether it is required by the landlord or not.

If you want to make sure that you are always protected in any eventuality, having to pay a few hundred dollars for premiums is much more economical than going through the hassle of having replacing your possessions or paying for hospital bills when the time comes.

Comparing Renters Insurance Quotes To Get The Best Rates

How do you compare renters insurance premium rates to get the best deals? There are so many factors that are being considered in computing premium rates for insurances policies.

If you are intending to buy a renters insurance policy, it is best to know what these factors are before actually asking for quotes. Quotations can be misleading if you do not understand it in the first place.

If that is the case, you might end up choosing the lowest priced among the proposals. Of course the dollar sign is part of the criteria but it is only a part – not everything.

Here is a brief rundown of the things that insurance companies consider when computing your renter’s insurance policy:

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Location – Your location is an important factor in insurance rate computation simply because there are areas that are more prone to thief and pilferage than others. Areas that have high crime rate are considered high risk and may command a higher premium.  This will surely make your cost higher.

Security measures – Installing security gadgets like fire alarms, sprinkler system and even dead bolts (only make sure to have all doors installed with it) are considered desirable by insurance companies. This will help bring your cost down.

Deductibles – In the insurance world, higher deductible amount is always a reliable way to lower your cost. Deductible is the amount you pay first before insurance steps in, and having a high deductible sends a message to the insurance company that you are a responsible person.

Make sure that you set aside an amount regularly to cover the deductible amount in case the need arises. Or if not, you can always use this savings for other needed expenses.

Multiple policies – Buying your renter’s insurance from the same company where you purchased your other insurance needs can allow you some savings. Most insurance companies provide package deals and special discounts for clients who patronize their products.

As with any product with multiple suppliers, always shop around. Do not jump on the first offer simply because it is affordable. Asking for multiple quotes is now easy.  Try to get proposals from reputable insurance companies by visiting their office or calling them.

Doing so would allow you to check their office personally and assess the companies’ financial soundness. However, this would take time and a lot of effort. The new trend is to go a comparison website and ask for free quotations.

In a matter of seconds, your results will be generated. 

This is the fastest and most efficient way of getting multiple quotations. Once you have the quotations, you can now study it so you can pick up the best.

The best way to find the right deal is to know what the details mean. Cheap proposals doesn’t necessarily equate to “best” since there is a tendency to compromise quality of service.

While it is true that cheap insurance can be very tempting, it is always prudent to check every detail carefully to make sure that what you wanted is there. Saving a few dollars on premium in exchange for quality service might prove more costly later on. (*)