Do You Really Need Renter's Insurance? Here Are 3 Reasons You Should Get It

​The number of renters in U.S. households has grown over the years. But despite this growth, only 37% of tenants have renter's insurance. If you own a home, it is a standard practice to buy homeowner's insurance. If you are renting and something happens to your unit, you have no choice but to pay the damages out of your pocket.

Some landlords do not require their renters to have insurance. But it can be financially devastating if something happens to your property. Check out these 4 reasons why investing in renter's insurance makes sense.

1. It Provides Liability Coverage In Case of Damage or Injury 
   Renters insurance provides liability coverage in case someone gets injured on your premises. Without insurance, you can be sued for injuries or damage to property. Renters insurance can give you a safety net for liability coverage.
   
   If you're negligent or at fault for any damage or injuries to your landlord, renters insurance funds litigation expenses. Or other costs that you may be held accountable for.
   
   
2. It Protects Your Possessions And Valuables
   What if the appliances or furniture in your apartment get destroyed in a fire or flood? How to recover the costs? You may assume your landlord will shoulder such kinds of losses or damage. But unfortunately, it will not be covered by their policy.
   
   Now, suppose you have renter's insurance. In that case, you can have the funds to cover replacement costs in unforeseen accidents like fire or robbery. Check the policy has an actual cash value (ACV) or replacement cost of your belongings.
   
   
3. It May Cover Extra Living Expenses You Need to Vacate 
   You won't know the damage's extent to your property after a fire in your unit. In case of fire, for instance, it may take several weeks for the damage to be fixed. Also, you may need a temporary place to live while your apartment is being repaired. Staying in a hotel could be expensive.
   
   With renter's insurance, you can have some emergency cash to help cover the expenses you may incur in your temporary home. If you are in luck, your landlord may cover the costs of your relocation or temporary housing.
   
   Being a renter can be expensive. It becomes even more costly when you factor in damages or losses you may incur. Better if you have renters insurance. It's a worthwhile investment securing you from emergency expenses. 

Final Word 
You can't predict accidents on the premises of the apartment you are living in. Renter's insurance helps you prepare for these unforeseen costs. 

At AllRisk Auto Insurance, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (360) 693-4044. You can also request a free quote by CLICKING HERE.