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If you encountered stolen items or loss of property while staying in a building as a renter, the homeowner is not responsible for your loss. Working in a New York-based insurance firm, TheGuarantors vice president Mike Mirandi emphasized that most landlords obligate their renters to buy renters policy. If you think that renters insurance is an unnecessary investment, you should think again. Here are three reasons why this insurance is a smart choice: Renters insurance is Reasonable
The price that you need to pay for a policy as a renter depends on the location you prefer to stay. To give you an idea, Mirandi explained that a typical renters insurance policy could cost under $150 per year which will cover $30,000 for the property expense and $100,000 for the liability expense. This is a reasonable cost to spend to secure your stuff. New York’s Citi Habitats licensed real estate sales agent Shannon Aalai also recommends renters insurance is a must for renters to obtain before signing a lease even the landlord does not require it. She cited that the policy is cost-effective means that can cover so much to protect you from spending thousands of dollars when something happens. Your Homeowner’s Policy Won’t Cover You You might be thinking that your landlord can cover you when a mishap happens like a fire or a flood, but the homeowner’s policy does not include the protection of renter’s properties. Josh Sarnell, also a Citi Habitats sales agent in New York, gave an example like if someone caused a fire in the building and your unit gets affected resulting to loss of your clothes, furniture, appliances, and other stuff, it will be your financial responsibility. Cuuver.com founder Steve Pritchard cited that in cases like a pipe issue that damaged your belongings, you can’t file a claim against your landlord for your lost possessions. The homeowner’s responsibility is to fix the pipes, not your stuff. You can’t blame the owner if someone stole for things in the building. The bottom line here is your personal belongings are your responsibility, and you won’t get any reimbursement from your landlord when they get damaged or lost while are you in his building. Renters Insurance Can Save You from Personal Liability When you get injured, or you caused an injury to someone else within the building, your renters insurance can take care of the personal liability claim. Hank Wilson, Wilson Insurance and Financial Planning founder in Philadelphia, expounded that the protection plan can help you with the expenses if your pet or your children caused harm to your neighbor due to negligence. Final Thoughts Before You Go As a renter, you’re on your own to supplant your valuables. Consider buying a renters insurance plan for peace of mind while living in your landlord’s building. At StreetSmart Insurance, we aim to make our client's life easier with policies that are tailored to their needs. You can get more information about our products and services by calling our agency at (732) 462-8343. Get your free quote today by CLICKING HERE.
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