Why you should get Renter’s Insurance

If you are a resident in a Oklahoma City rental property, it may just be the best thing you can do to get renter’s insurance. Renters’ insurance can start at just $20 per month but it can financially protect yourself and your possessions against losses. Below are many reasons why you should get renter’s insurance.

Renter’s insurance exists to protect your belongings against bad events such as water damage, lightning, fire, smoke, windstorms, theft, and vandalism as listed in the policy. Every policy is different, however you can choose the policy type you want.

Landlord insurance doesn’t cover your belongings. Landlords are covered with their homeowners, but not for you – the renter. In the event of fire, flood or hurricane, your landlord’s insurance will not cover your belongings. If for instance, fire damages your home, replacing your clothes, electronics, furniture and other belongings are strictly your responsibility.

If your belongings are damaged because of a burst water pipe, you won’t get any compensation through landlord’s insurance policy. Similarly, if someone breaks into your home and steals your belongings, the landlord will be able to pay for the damages caused by the burglar to the property but you won’t get any compensation for the items that were stolen.

You also need renter’s insurance for the following reasons:

To cover your temporary living expenses

If your place becomes uninhabitable due to a disaster and you need to find somewhere else to live temporarily, renter’s insurance will cover you for that. The policy includes “additional living expenses” that is used to reimburse you for extra expenses incurred like the cost to stay in a hotel or rent another apartment.

To cover medical expenses for injured guest

Renter’s insurance provides a medical coverage in the event a visitor is injured in your home during the disaster. This policy can be used to pay medical bills for injured visitors at your apartment.

To cover damage to others

A liability insurance to cover injuries or damage you or your family cause to others is also included in renters insurance. This means that in the event your kids break or damage a neighbor’s rare antique, the policy could pay to replace it.

Legal costs

If someone gets injured while in your home or you accidentally hurt somebody, and you are sued, renter’s insurance provides a liability coverage that will pay for legal costs and court awards.  The amount of liability insurance depends on your policy’s limit.

In any case, check into renter’s insurance if you plan to rent a property. It might just save you money in the long run.