Why Every Renter Should Have Insurance Coverage

Why Every Renter Should Have Insurance Coverage

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For those who rent a property and lease it, it can be easy to neglect having insurance coverage due to maintenance or repairs that are mostly covered by the owner. Although insurance may seem unnecessary when you rent, it’s crucial to obtain the coverage to avoid financial loss with accidents or theft that can occur. There are many different ways that renters can benefit from insurance coverage for a smart financial step that secures your future.

Protection from Injuries

Injuries can occur on a property that you don’t own due to negligence, accidents, or a lack of care in the home. To protect yourself from an injury that occurs to visitors who enter the property, insurance will cover legal and medical bills associated with the event.

Coverage for Fire or Water Damage

With fires or water damage that can wreck havoc on the property and personal belongings, it can cost thousands of dollars out of pocket for the renter if they are at fault. To protect yourself in the event of an accident, obtain insurance, which can even cover the costs of room and board while the damage is repaired.

Prevent Loss with Theft

Over 3.7 million burglaries occur each year with thousands of dollars lost and an average of $1,675 stolen or damaged in each household. According to Underwriters Insurance Brokers (BC) Ltd., which specializes in renters insurance in Vancouver, insurance will cover the cost of personal items that are stolen for peace of mind with belongings that can be replaced.

Cover Damage That You Cause

Should you accidentally break a window or cause damage to a sewer drain, it’s important to have the necessary coverage to avoid breaking the bank to cover the costs on the property. Accidents and damage are often unavoidable when living in a residence, making it important to protect yourself while living on the property.

It’s Affordable

On average residential burglary results in around $2,700 worth of property loss. Renter’s insurance is on average 10 dollars a month. I don’t know about you but I would rather spend $10 a month then potentially having to replace 1,000’s of dollars in repairs or losses. Why not give yourself peace of mind without braking the bank.

Although homeowners who are leasing a home are primarily responsible for the general upkeep and maintenance needed on the property, there are several accidents and events that can occur that the renter is responsible for. As a renter, it’s important to safeguard your personal belongings and finances by obtaining insurance that will protect your wallet when the unexpected occurs. Should the house catch on fire or a burglar steal valuables, you’ll have peace of mind knowing that what was lost can be repaired or replaced.

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