If you're currently in the process of renting a home or apartment, you will need a renters insurance policy for your belongings. The property insurance for a landlord will cover the losses for a building — whether it's a house, duplex, or apartment.
Here are four main benefits of renters insurance.
1. It's Cost-Effective
One of the main advantages of renters insurance is that it is affordable. The average policy for renter's insurance costs $187 per year, according to the National Association of Insurance Commissioners (NAIC). The actual cost that you pay will depend on numerous factors — such as the type of coverage you select, the amount of coverage you need, where you live, and the amount of the deductible. If you're in Mississippi, you can expect to pay $252 a year. If you live in North or South Dakota, you will probably pay just half that amount.
2. It Covers Personal Property Losses
The purpose of a renter's insurance policy is to protect it against losses to personal property. This includes clothes, computers, jewelry, electronics, furniture, and luggage. Even if you don't own much, the amount of personal property can add up. This amount could be more than you'd desire to pay to replace everything. The average renter will own thousands of dollars' worth of personal property. The last thing you want is to be left with nothing in the event of a disaster. Renters insurance policies will offer you protection against many dangers.
3. It May Be Required
The insurance of your landlord will cover the structure and the grounds. However, it will not provide coverage for your belongings. Many landlords require their tenants to buy their own renter's insurance policy. These landlords typically require their tenants to produce proof of the renter's insurance policies. This may be the personal preference of the landlord or it could be a demand from the insurance company of the landlord. If the tenants have their own coverage, some responsibility is shifted to the tenant from the landlord. If you want to obtain coverage or assistance finding, your landlord may be able to help.
4. It Provides Liability Coverage
Liability coverage is also included in the insurance policies of the standard renter. This offers protection if the individual is injured while in the home or if the individual accidentally injures someone else. It will cover the cost of court judgments and legal expenses up to the policy of the limit.
For more information about renters insurance, don't hesitate to contact BluCanopy today.