If you are renting property, you need to get renters insurance. In some cases your landlord will require that you purchase renters insurance. But in other cases, it is your prerogative if you choose to get insurance or not. There are many reasons why you should get renters insurance. Here are a couple reasons:
1. Liability Insurance
One of the main reasons you should get renters insurance is for the liability coverage. Say someone is visiting your house and trips on toys that are on the ground. If they injured themselves, they might hold you financially responsible for the injury.
Depending on the nature of the injury, it could be very expensive and you would have to pay for it out of pocket if you didn't have any kind of liability coverage. This is why it is so important that you get a policy that will offer coverage for things that might happen on the property.
2. Insurance On Personal Belongings
Another reason you should get renters insurance is for the coverage of your personal belongings. For example, if the property is vandalized or destroyed your landlord could recoup their costs from the accident with their insurance policy.
However, their insurance won't cover anything of yours. This means that anything in the house that was destroyed or stolen is lost. You cannot get repaid for your electronics, furniture, musical instruments or anything else in the house.
When you opt for a renter's insurance policy they will ask you to go through and put a value on everything in the house. You can get coverage for as much as you have in the house. That way if something does happen you can get back some of the money for your troubles.
3. Temporary Housing
Assume that there was some sort of accident that left your current residence inhabitable. While you are waiting for your home to get fixed, or a problem to be resolved, you will need some sort of housing. For example, you might have to stay at a hotel, or rent out another house or apartment.
If you don't have help with these expenses, it could become very difficult. You could still be paying rent at your apartment, while needing temporary housing. An insurance policy can help with these expenses.
These are just a couple of the reasons that you should be getting renters insurance regardless of if it is required or not. To learn more, contact a company like East Tennessee Mutual Insurance.