Do you know how important renters insurance is? Renter’s insurance is required by law in most places. If you want to avoid ending up on the wrong side of the law, you need renters insurance. But is it really necessary? What are some of the reasons you should have renter’s insurance and are they valid reasons to get it?
When tenants want to insure their rental units against theft and damages, the costs associated with those losses are taken care of by their landlords. As long as you pay your rent on time, do not destroy the property, do not smoke in the unit, and do not allow other people into the unit, your landlords will typically provide compensation for the cost of lost income and for damages to the property. However, not all Landlords will do this and they are not required by law to help you. Renters insurance provides much more than landlords can or might do. In addition to providing compensation for your losses, renters insurance also provides compensation for your medical bills as well as for the cost of repairing or replacing your belongings.
While landlords often provide insurance for the building itself, they often do not have adequate coverage for loss of items that are in the apartment due to a fire. If your things are truly valuable, then you should strongly consider obtaining renter’s insurance. Additionally, the cost of replacing your belongings can often be far greater than the cost of replacing the apartment itself. By protecting your most valuable possessions, you can avoid paying these high costs.
Here at the Yarmoloy Group, we recommend to all our tenants that they get Renters Insurance, as our Commercial Insurance looks after our investment and the Renters Insurance looks after yours.
