Five Reasons Renters Need Insurance

by Tony Carter, Realtor® 03/07/2021

Image by edar from Pixabay

There are many reasons people choose to rent. There are fewer responsibilities, it doesn't take saving up a large down payment, maintenance is likely taken care of and there are no real estate taxes and no homeowners' insurance to pay. That doesn't mean, however, you shouldn't carry insurance. If you rent a home, apartment or condo, there are five fundamental reasons you should carry renters' insurance.

You Are Not Covered By Your Landlord's Insurance

Some tenants make the mistake of thinking in case of a hurricane, flood, storm or even theft, they will be covered by their landlord's insurance. While it is true your landlord probably carries insurance, it likely only covers the structure and their property and losses, not yours.

It Protects Your Personal Property

Renters often feel like they have fewer personal possessions than homeowners. This may be true in that renters often don't need to buy major appliances, lawn care equipment, and other items. When tenants begin to take inventory, however, many are surprised at how expensive it would be to replace what they do own. Replacing furniture, beds and bedding, kitchenware, clothing, and electronics will likely run into the thousands of dollars or more. Renters insurance can help you get a fresh start following a covered calamity.

Renters Insurance Covers You Against Liability Claims

Renters may not be aware that they can be held liable should a friend, family member or even a delivery person should get injured while on or in their rented space. This can be financially devastating, especially when we are having more products delivered to our homes than ever, including food. Renters insurance can cover you against financial claims against you, including settlements and legal fees.

It May Cover Your Possessions When Traveling

An unexpected benefit of renters insurance is, depending on the specifics of the policy, your personal property can be covered while traveling. This may include in your car, while in your luggage or a hotel room. When one considers the expensive electronics many of us travel with these days, this can be an extremely valuable feature.

Renters Insurance is Generally Inexpensive

The cost of a renters' insurance policy may be as little as 10% of that of a traditional homeowners' insurance policy. Renters insurance can be so inexpensive and provide so much peace of mind it should absolutely be considered by those choosing to rent.

Renting instead of buying does not necessarily relieve you of all the responsibilities of homeownership. You are still responsible for your personal possessions and can be held liable in case of an on-site injury.

About the Author
Author

Tony Carter, Realtor®

My wife, Cindy and I, moved to Florida 9 years ago from Wisconsin, where we were born and raised. I proudly served in the United States Air Force and was stationed overseas and in The Gulf War. Became a member of The American Legion and a lifetime member of Veterans of Foreign Wars (VFW). After, the Military, I got into the retail business for the last 25 years. During my last position, in the retail. I was second-in-charge of a 125 million dollar a year business. Thatis where I developed my passion for customer service and taking care of the customer. With that passion, I became a full-time licensed Realtor in the state of Florida. I understand that real estate is not just a transaction but an important personal decision, a decision that may need guidance. I am here to answer any questions and guide you and your family through the process. Whether buying for the first time. Purchasing a condo, single-family home, investment property or a time-share on the beach. I am the exclusive Realtor for the Mariner Beach Club in St Pete Beach, Florida and for the Island Gulf Resort in Madeira Beach, Florida. Please feel free to contact me with your real estate needs directly at cell 262-894-8135 or via e-mail at [email protected] or website; www.TonyCarterRealEstate.com. Timeshare on St. Pete Beach, Florida. www.TonyCarterRealtor.com. Video of the Mariner Beach Club, St. Pete Beach, Florida. www.imagemaker360.com/141537. Website to the timeshare at Madeira Beach, Florida. www.IslandGulfResortFlorida.com