Many people who are renting ask themselves if it is actually necessary to purchase renters’ insurance.
Purchasing insurance is a wise investment and plays a considerable part in financial planning. It ensures that you are financially secure or able to face various types of unforeseeable issues that come up in life. Insurance covering renters is no different. Those who rent their residence, like homeowners, should also protect themselves against the unknown with a safety net. Many renters wonder if insurance is worth it, and the answer is YES.
Continue reading to learn every renter should protect themselves with insurance below.
What is Renters’ Insurance?
Renters’ insurance, also referred to as tenants’ insurance, is a policy that provides similar benefits to homeowners’ insurance. An insurance policy as a renter typically covers your personal belongings, liability, and living expenses if the property you rent becomes unlivable. Unlike homeowners’ insurance, it does not cover the structure or dwelling itself.
Is Renters’ Insurance Really Necessary?
Many landlords will require their tenants to protect themselves with tenants’ insurance before leasing their property. In other situations, the choice of purchasing insurance for the renter to decide. In those types of cases, a lack of renters’ insurance is a gamble. If the property you rent is broken into and your valuables and other belongings are stolen, replacing those items is virtually impossible without using your money. Suppose your rented space becomes unlivable for some reason, such as fire damage or mold remediation. In that case, you will probably be left to foot the bill for another living arrangement until your original space is available again. Having insurance as a renter would financially protect you from these types of unfortunate events. So, to answer the question, “Is tenants’ insurance essential?” To us and many others, the answer is a resounding YES.
How is Renters’ Insurance Different from Homeowners’ Insurance?
Sometimes insurance for renters gets confused with homeowners’ insurance. Tenant’s insurance and homeowners’ insurance are somewhat different from each other but do have some similarities. We’ve also heard people say that since their landlord has homeowners’ insurance, they don’t need to get insurance for themselves. This assumption s not true! It’s important to understand that your landlord’s homeowners’ insurance policy will do nothing to protect you and your belongings in the event of a disaster, theft, or another unfortunate circumstance. That’s why every renter needs insurance. Moreover, your insurance doesn’t cover your landlord’s property.
Need Renters’ Insurance? Contact Bear River Mutual Insurance
If you are renting and need renters’ insurance, contact the professionals at Bear River Mutual Insurance. Our team of experts will help you find the best, affordable policy within your budget and help you get the peace of mind you deserve. Our staff is dedicated to finding the right balance of security and value for you and your loved ones. We proudly serve Salt Lake, Provo Orem, and the surrounding cities in between. Contact us to get your free quote today.