5 Reasons to Get a Renters Insurance Policy

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Renters insurance, or HO-4 policies, are an excellent choice because they are affordable, cover losses to personal property, provide liability coverage, may be required by your landlord, and cover belongings when you travel.

For more information about renters insurance policies, refer to the home and renters insurance experts at Malhotra & Assoc. Insurance. Our team of dedicated agents is committed to bringing you affordable coverage to protect all of your assets.

Renters Insurance is Affordable

Renters insurance costs around $14 per month. If you pay in one yearly sum instead of monthly premiums, you may receive a discount. To make this low price even lower, you can bundle your auto and renters insurance or raise your deductible. Adding smoke detectors and deadbolt locks can help to lower your price by enhancing your safety and lowering your risk.

Renters insurance is so affordable because you are only covering what’s inside the home and your liability instead of the rental unit itself. 

Renters Insurance Covers Losses to Personal Property

Renters insurance covers your personal property, including clothing, furniture, electronics, jewelry, smartphones, and other personal belongings. 

Renters insurance covers more than you think. Generally, renters insurance covers you from fire and lightning, windstorm or hail, explosion, riot or civil commotion, damage caused by aircraft, damage caused by vehicles, smoke, vandalism or malicious mischief, theft, volcanic eruption, falling objects, the weight of ice, snow or sleet, accidental discharge of water or steam from household systems or appliances, sudden and accidental tearing apart, cracking, burning or bulging of certain household systems, freezing of certain household systems or appliances, and sudden, accidental damage from artificially generated electric currents.

Renters Insurance Provides Liability Coverage

Like homeowners insurance, renters insurance provides liability coverage. That means that if someone is injured in the apartment or rental property, your renters insurance will help to pay for any damages. This applies to bodily injury caused to other people or damage to their property. Your insurance company will pay to repair or replace damaged goods or pay for medical bills, up to a specific limit.

Landlords May Require Renters Insurance

Some management companies require that you have renters insurance when you sign the lease to the dwelling. It is the management company’s responsibility to hold coverage for the dwelling itself, but this forces you to protect your personal property. If your landlord requires it, you should check for affordable coverage in your region, select your coverage, and show receipt of your policy to your landlord.

Renters Insurance Covers Belongings When You Travel

Not only does your renters insurance protect your personal belongings when you are in the rental property, but it also covers the personal property you take on vacation. Since your coverage is not for the dwelling but for your possessions and liability, you are protected on the move.

You are also protected from liability when you travel. If you have a leaky faucet that causes water damage to the floor below while you are away, you will be protected from liability because you have renters insurance.

To learn more about renters insurance and what it covers, as well as how it compares to homeowners insurance, reach out to the experts at Malhotra & Assoc. Insurance today!

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