Are you working extra hours to make a living in a rented space? If yes, do you know how much financial trouble you may get into if a disaster strikes? What if there is an immediate accident at your place? All of your precious belongings like your expensive laptop, your high-end furniture, and that beautiful dressing table you bought — all would turn to dust in a matter of seconds.
This is the moment when Renters’ insurance comes to play, and we are here to guide you through it. So put on your thinking caps and let’s start understanding everything you need to know about renters insurance.
What is Renters’ Insurance?
Renters’ insurance is the policy that will protect your personal belongings in case of a disastrous event where a great loss has been incurred. In case of fires or vandalism, the loss can be of your property, damage to your personal belongings, or an event where your most expensive things get stolen or lost.
What do Renters’ Insurance cover?
Renters’ Insurance covers your personal belongings, temporary living expenses, and personal liability along with the medical bills. When we talk about personal belongings, this insurance covers the costs of things like your laptop, your phone, your expensive kitchen cutlery, air conditioner, etc.
Additionally, if your rented apartment catches fire, you may want to live in a hotel or a rented apartment or go to a restaurant to have your meal for a few days. Here, the renters’ insurance will cover your temporary living expenses too, and make your circumstance a bit easier for your survival.
Further, if you also reach a point where the house fire spreads to your neighbors and causes physical injury to them and severe damage to their property, your insurance would cover this liability and the medical bills as well.
Thereupon, you also have an impressive financial defence if you get dragged to court by them. Pretty smooth right?
Now you would think that since you are a renter, your landlord’s policy should cover all this. However, this mistake can cost you thousands of dollars, if not millions. So, let’s break a few myths of renters’ insurance here.
Myth 1- Your landlord’s insurance will cover your personal belongings as well.
No. Your landlord’s insurance is not going to cover your stuff. Your landlord’s policy only covers the physical building and the things he or she may own inside your rented space. All the other expenses are taken from your pocket. So having personal renters’ insurance is the safest choice.
Myth 2- Renters’ Insurance is expensive.
The renter’ insurance is as per the cost you require, and it may increase according to your lifestyle. Therefore, when buying a renters’ insurance policy, it is important to carefully calculate the amount of total coverage you need for all your possessions. After that, a little bit of investment per month would always keep you and your finances protected!
Myth 3- Renters’ Insurance only covers your personal belongings.
As mentioned above, the renters’ insurance covers temporary living expenses and personal liability along with medical bills in case of injuries in addition to personal things. However, since it does not cover natural disasters like earthquakes, you can quickly get that added to your policy if you live in an earthquake-prone area.
Hence, by investing in renters insurance Louisiana, you will enjoy many benefits. Your policy would cover many crucial aspects of your life as per your needs and living conditions.
Myth 4- Renters’ insurance covers your car as well.
As we mentioned before, renters’ insurance covers your personal belongings. However, it doesn’t include your motor vehicles. Insurance policies like renters insurance Louisiana cover the stuff inside your car if they get destroyed in an accident or get stolen in a robbery. However, it does not include the car itself. So a big no to vehicles!
Myth 5- Your renters’ insurance covers natural disasters too
The renters’ insurance policy indeed includes fires, vandalism, accidents, and thefts. However, they do not include earthquakes or floods. Yet, if you live in a place where earthquakes, hail-storms, or floods are common, these things can be bought as separate insurance policies and added to your renters’ insurance policy for better access.
Apart from the above benefits, you can easily keep adding valuables to your renters’ insurance policy, such as a new bed or decorative item to your dwelling place. Since firms with insurance policies like the renters insurance Louisiana are pretty low cost, to begin with, it is easy to get started. The bottom line, you need renters’ insurance right now, so start planning for the security of your assets!