Being a renter, it is important for you to purchase renter’s insurance to protect your personal possessions. In fact, renters insurance offers you protection against theft, fire, water damage or any other unforeseen situation not covered by your landlord’s policy.
Take stock of the inventory at home to decide the level of your renter’s insurance coverage. Sometimes referred to as H04 policy, renter’s insurance can provide you financial protection against
- Building fire and damage
- Smoke damage
- Sudden and accidental discharge of water
- Building collapse due to weather
- Medical payments
- Liability protection against potential lawsuits
Five Reasons Why You Should Purchase Renter’s Insurance
You may select the limit for your renter’s insurance coverage for specific situations, such as
- Personal liability against injury to a third party in your home or away
- Personal property, including clothing, electronics, furniture, computer equipment
- Damage caused to your home by a covered loss
You must purchase renter’s insurance for:
1. Liability Protection
You could be held liable by somebody falling or injuring themselves within your home premises even as a renter. Your renter’s insurance will offer coverage for the medical bills or any other expenses incurred by the injured party due to injury.
2. Theft Protection
If somebody breaks into your rented home and steals away your precious belongings, you need not worry if you have renter’s insurance. However, without such type of insurance, you would need to buy replacements for the stolen items from your own pocket, which could even dig a big hole in your pocket.
3. Additional Living Expenses
If you had a fire or some other situation where you could not stay in your home, additional living expense could help you pay for food, clothes and hotel costs. These are normally offered on a covered claim but be sure to make sure you have adequate coverage
4. Theft or Vandalism
Today break ins happen in even the best neighbourhoods. Having any personal property stolen could create a financial burden. Be sure to protect all that you have worked so hard to obtain. Check for limits on jewelry, watches, furs, silverware, cash and other high ticket items as they may not be covered or have low limits.
5. Negligence Protection
Any damage to a neighbor’s property or belongings due to your negligence, including fire or flood in your home, can be covered in your renter’s insurance. Your policy will pay for the expenses the third party has to incur due to your negligence.