When you secure a mortgage for a home, normally, one of the conditions is that you are required to secure homeowners insurance. However, renters are often not subject to a similar requirement. Nevertheless, getting a renters insurance policy when you are renting a house or apartment is an excellent idea. We’ll cover a number of ways that renters insurance protects you and your possessions.
Why Get Renters Insurance in Renton, WA?
A renter’s insurance is a type of insurance that protects the renter, as well as their property. You’ll need to select a coverage amount and a deductible amount. The deductible is really what you are comfortable with. Obviously, a higher deductible will have a lower premium.
Even though your landlord should have homeowners insurance, this will only protect his property. Again, if there is any damage to your own possessions, they will not be covered by his policy. Make sure you have renters insurance so that you will be protected in the event of a loss to your possessions.
Keep in mind, in apartment buildings, you may have less control over things like fires occurring in adjoining units. Your renters insurance in Renton, WA can protect you. Should the worst happen and a fire damages or destroys your home and possessions, you may have a hard time replacing everything that has been lost on your own. Renters insurance can help cover much of the replacement cost, so you do not have to pay it all on your own.
You Need Liability Coverage
When someone visits you in your home, you can be liable for any injury that happens to them, even if you do not own the property. And if your dog bit them, they may decide to sue you. You’d be on the hook for damages if you did not have the proper insurance. A good renter’s policy can help cover the costs of a successful lawsuit.
Virtually everywhere in the world faces some risk of natural disasters, whether it is from tornadoes, floods, earthquakes, or hurricanes. Make sure the replacement cost of your goods is covered by having a proper renters insurance policy in place. It’s stressful enough trying to manage and recover during a disaster. Not having to worry about the costs of replacing your goods is some form of relief in a time of worry.