As with all insurance, renters’
insurance provides extra protection; this time, for your own home and
belongings. Some
tenants and landlords might think renters’ insurance is overrated. However, it might
save you from the most catastrophic events. We never know when an accident may
occur or how the weather can turn against us, so insurance can be the perfect
lifeguard for our homes.
Don’t underestimate it! They can help you save money if something happens to your home. They are not only favorable for tenants, but
for landlords too. Here are some benefits of renters’ insurance.
Benefits for Landlords
1) Protection against incidents. Even if you have the most responsible and careful
tenant and you trust him/her with your life, there’s always the possibility of
your home getting damaged without being their fault. Your house could catch fire,
for example, and as a landlord it would be your responsibility to pay for those
damages if there’s no renters’ insurance.
2) Healthy relationship with your tenants. If anything happens to your house, it is most likely
to keep a peaceful relationship with your tenants if there’s a third party
handling the case. You will not only avoid a fight, but you will also save time
and energy.
3) Not getting involved in your tenant’s arguments. In the case your tenant is involved in an argument
with some other neighbor –for example, due to property damage– then you won’t
have to take the responsibility for it. Renters’ insurance will take care of
it, even if there’s any monetary argument over it. This means, one less
headache a day!
Benefits for Tenants
1) Home protection against natural disasters. Tornados, wildfire, and hail are real in the USA. If
your home happens to get damaged by a natural disaster, sometimes landlords
don’t cover that loss. Avoid losing all your belongings and property with
renters’ insurance. You spend money on insurance now, but it will be completely
worth it in the long run if anything happens to your home. (Remember, not all
natural disasters are covered, for some of them you might have to get extra
coverage. Ask about it before paying.)
2) Home protection against theft. Burglary can happen anywhere and anytime, even if you
live in what looks like a very safe neighborhood. There’s always a risk of
someone breaking into your home and stealing your most valuable belongings.
Renters’ insurance helps you protect most belongings if stolen.
3) Home protection against injuries. We all have accidents, and renters’ insurance is a
good way of keeping your home safe from them. If a guest or even yourself
damage your home, a landlord will rarely (not to say never) pay for it. Avoid
wasting more money than you should with renters’ insurance. They will take care
of the expenses to repair or replace what has been unintentionally damaged.
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