Pros and Cons of Rental Insurance

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Pros and Cons of Rental Insurance

When you’re renting a property, there are a lot of things you don’t have to worry about. Maintenance, water bills, trash removal, and many other services are often handled by the landlord, so you have far less to worry about. Because of this reason, many love rental properties! Unfortunately in all this convenience, renter’s insurance can get overlooked.

Pros For Rental Insurance

Apartment rental insurance comes with a lot of great benefits for tenants. It’s not something that your landlord has any part in, and it’s more essential than you may think. Considering the pros of rental insurance before shrugging it off is worth the little bit of research and thought put towards it!

Protecting Your Belongings

One very common misconception about renting is that all of your property is protected, when it’s actually not. All of the actual belongings of yours that is inside of the building are not covered under any of your landlord’s insurance; only what comes with the rental unit. Valuables like electronics, furniture, or jewelry are your own responsibility, so insurance helps you keep those safe and compensated if tragedy strikes!

Protection If Sued

If someone is injured on your property, rental or not, you could still be held accountable for it. These laws are very tricky, but in this instance, having insurance is always a good idea just to insure you’re perfectly protected and won’t fall into financial troubles due to a mistake or accident.

It’s Sometimes Required

Many landlords require their tenants to have insurance in the first place. Sometimes having insurance can help reduce rent fees or increased charges, or help you secure a spot in the building you’re looking for. Apartments often require renter’s insurance so that everyone is covered in the case of an emergency, so it’s smart to follow this rule.

Cons For Rental Insurance

Of course, like anything, there are downsides to having renter’s insurance. Many people choose not to get covered due to these reasons, but there is always a solution to anything giving you hesitation about coverage.

Paying For A Premium

No one enjoys spending money, especially if it feels a bit unnecessary. If you’re fortunate enough that nothing bad happens in regards to your property, then it will feel a bit like money down the drain if you never need to file an insurance claim. However, keep in mind the major financial set-backs that could occur if you are unlucky in this aspect!

The Deductible

Before getting rental insurance, it’s important to take an inventory of the monetary value of belongings in your home. If you only have $2,500 worth of valuables, and the rental insurance you’re considering has a deductible of $2,500… it’s not really worth choosing that policy. When you have an insurance deductible, it means your policy won’t step in and assist unless the loss exceeds a specific amount. Make sure you select an insurance company, like Mountain Insurance, that has low deductibles that are right for your needs.

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