Insurance can be critical for as many things as possible such as your car and your home, but what about something like rental insurance? There tends to be two camps on the topic. Some feel that it’s an unnecessary addition to your premium for minimal protection. Others feel that it is a worthwhile fee to offer comfort and financial stability in the event an emergency at your home.
Let’s get to know it a little better.
What rental insurance typically covers
If you’re renting, then there’s a sense of satisfaction from knowing that someone else – ie, your landlord – is going to be responsible for your maintenance and repairs. That’s great and all, but what about your stuff? What if, say, a pipe bursts and water drips onto your computer all day long while you’re gone? Sure, maintenance will take care of damage to your ceiling or floor as well as the pipe itself, but your computer may not be covered.
Depending on the contract for insurance that your landlord has, you may receive a nominal sum for your computer’s repairs, or you may not get anything at all, leaving you to foot the bill. Rental insurance is what can cover your computer’s repairs. So, having it could mean the difference in a hefty bill or not.
Consider a fire to the apartment complex that you are living in, a burglary to your rental house or even a flood in your neighborhood causing damage to your home, and thus damage to the contents (your stuff) within it. Well, the landlord, owner, etc will have insurance that covers their property – the building, the walls, the stairs, the roof, the garage, etc but their insurance doesn’t cover what’s in it – your stuff. That’s on you so it’s in your best interest to protect your stuff.
When it’s best to have rental insurance
As far as timing, rental insurance is always good, but if there were ever a time, focus on the idea that hurricane season is upon us. With a hurricane, comes damage, and your landlord may only cover property damage, so your belongings could be at risk if you do not have rental insurance, or flood insurance.
Even minor damages from a hurricane, the bill can add up quickly, adding to the expense of having to find somewhere to stay while the repairs are done. With rental insurance, those fears and concerns can be put to ease with knowing that you are covered with your belongings and a place to stay if needed, depending upon your coverage.
Why rental insurance matters
Having rental insurance can protect you from those unprecedented situations where your property or belongings are damaged, leaving you to repair or replace it on your own dime such as anything that happens during hurricane season, a flood or even theft, a fire, power outtages and the like.
That being said, rental insurance is good for other things such as theft or even personal liability if someone hurts themselves on your property while slipping and falling or otherwise injuring themselves.
Most importantly, one of the best perks of rental insurance, no matter who you are or what your situation is, is the fact that it can give you peace of mind in knowing that when you leave your apartment or rental home for the day or night, your belongings are protected.
Whether it’s hurricane season that got your attention or simply the reminder that it is worth peace of mind and financial protection, rental insurance could be a great idea to add to your insurance options for all of the reasons mentioned above. Contact Paula Smith Insurance at (281) 488-8880 for a free quote on rental insurance or flood insurance for your rental property. We can cover your assets, so let us help you. Bundling your insurance policies saves money so let’s talk.