It’s fairly common for people to rent homes as opposed to owning them. In fact, someone may choose to rent an apartment simply because it is located in a more favorable area of the city.
Regardless of what or why you rent, it’s essential that you consider renters insurance. Let’s take a look at what you should know.
1. Protect Your Assets
As you might guess, one of the primary benefits of having renters insurance is the capability to protect your assets from damage or theft. More often than not, your insurance provider will be able to offer you a policy that provides a significant amount of money in compensation.
To elaborate, even the lower tier plans can still offer $100,000+ worth of coverage.
2. It Handles Medical Costs for Guests
Unfortunately, having guests become injured on your property can be a highly complicated situation. This is particularly true if they decide to take legal action against you for their medical costs.
For example, let’s assume that your mother-in-law came to visit your apartment and slipped on a wet floor shortly after you have finished cleaning. She may feel as though you are liable for her injuries since your home was a hazardous environment.
Regardless of whether or not someone wishes to take you to court over their injuries, your insurance could help compensate them for their medical expenses.
3. It’s Easily Affordable
Despite the large amount of coverage that a typical renters insurance policy is able to provide, the monthly costs are relatively low. In fact, it’s not uncommon to find a comprehensive policy for between $10 and $15 per month.
For the amount of protection that you receive through this type of coverage, it’s one of the most cost-efficient types of insurance.
4. Most Landlords Require It Anyway
Despite the low cost, some individuals are still on the fence about whether or not they need a renters insurance policy. Interestingly, though, many people tend to forget that landlords often require their tenants to have a certain amount of coverage.
This is simply due to the fact that most people don’t have the finances to pay for damage that might occur to the property. For instance, let’s assume that somebody leaves their stove on before leaving home. Since they are to blame for the ensuing fire, their insurance provider would be responsible for paying the landlord for the damages.
You can visit this resource for a guide to renters insurance in Canada.
Renters Insurance Is Essential
So, keep the above information in mind when deciding whether or not it is right for you. Renters insurance has a strong chance to turn a disaster into something much more minor, allowing you to easily handle the unexpected.
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