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Check Out These Unexpected Benefits of Renters Insurance
Many people may dream of owning their
own home in the suburbs, complete with a surrounding white picket fence. But owning a home isn’t always the most affordable
option. Depending on the area and circumstances, renting can be a feasible
alternative. It’s important to know when renting there
are still responsibilities
and risks that come along with your residence, even though you don’t
own the building. A renters insurance
policy can help you to mitigate some of that risk.
If you’re on the fence about renters
insurance, check out these 6 surprising
benefits to make the decision that much easier.
1. It Offers Worldwide Coverage
Worldwide coverage means that your personal belongings are
protected globally, no matter where you are. For example, if your iPad is
stolen out of your car, (unless specifically excluded) you can be reimbursed
for the cost of that iPad after your police report and claim have been filed. With
that being said, it’s important to make sure you are keeping track of your possessions.
You should consider using an inventory checklist to keep track of
your items and their cost for replacement, especially
when it comes to higher
ticket items.
2. It Assists with Additional Living Costs
Say there was a fire in your apartment building, and you are not able to stay in
your home while repairs are being made: did you know that renters insurance can cover
the necessary additional living expenses that you incur from that covered loss?
For example, the extra mileage it may cost to go back and forth to work, or the
cost of staying in a hotel while your apartment is uninhabitable, can be
covered under additional living costs. It’s important to note the coverage will
max out at your policy's specific limits and that the additional living
expenses must be a direct result of your covered loss.
3. It Can Assist with Guests’ Unforeseen Medical Bills
Renters insurance offers medical expense coverage which
protects you against claims as a result of accidental bodily injury that
resulted in medical expenses. For example, if you have a friend over to visit
and they are injured while in your home, renters insurance can help cover their
medical
expenses. It’s important to note that this coverage does not apply to
the policyholder or to any residents of the insured location.
4. It Provides Liability Coverage
Say the
friend that was visiting and got hurt decided to sue
you based on that loss. Under the personal liability that renters insurance offers, your legal expenses may also be covered!
5. It’s Affordable!
Renters insurance is surprisingly inexpensive and extremely
cost effective! In the event of a loss or claim, the amount of money you’ve invested into you renters policy may be drastically
lower than what you could end up paying without it. On average policies are less
than $15 a month depending on what coverages you choose.
6. You Can Bundle It with Your Car Insurance
Many insurance companies will allow you to bundle your auto
and renters policies together to qualify for extra discounts. If you already
have an auto
policy, this benefit will save you time and money in the long run.
While renters insurance may not be required by your landlord,
it’s an easy and inexpensive way to
protect yourself and the things you love most. Check out the link below to
learn more about obtaining a renters policy through NYCM Insurance and finding an
agent near you.
