From your bills to rent, living expenses can really add up. But when you're looking to cut costs, Renters Insurance or Tenant Insurance is not something you should go without.
Most property owners, along with Avenue Living Communities, require you to hold a renters insurance policy for the duration of your lease. It's often in the terms and conditions to your lease agreement. But there are several reasons why you should ALWAYS protect yourself with a renters insurance policy when living in a rental home.
So why do you need it? And what does it do for you?
How Renters Insurance Protects Your Belongings
Well, you are usually required by your property owner to hold a policy with a liability coverage of at least $2 million. We'll explain liability coverage more later. But when taking out your policy, you set the amount to cover your personal property.
A policy covers you from theft, fire, or loss to your personal belongings. That could be things like your furniture, electronics, and jewellery. Most people will cover their personal belongings for $25,000 - $30,000, but you can increase that coverage amount should you need to. Keep in mind though, your deductible may increase, which is the amount you pay should you make a claim. A deductible is often between $500 and $1,000.
Renters insurance is an easy way to protect your personal belongings. The cost of a policy is worth protecting the financial investments you've made over the years.
One last thing, although you should notify your property owner when you go on vacation, your policy covers you even when you're away so you can enjoy vacation knowing your belongings are covered.
How Renters Insurance Covers You in Emergencies
Like protecting your personal belongings, renters insurance can also protect you in emergencies.
If your rental becomes temporarily unlivable, your policy will cover additional living expenses, like a hotel bill, until you are able to move back in or find a new home.
Of course these occurrences are quite rare, but it's worth protecting yourself should something happen where you are unable to live in your home for a period of time.
All You Need to Know About Liability Coverage
On your way to financial wellbeing you MUST have liability coverage. It's a staple of any renters insurance policy, but just what is it?
Liability coverage includes coverage to property damage that is the fault of the resident. Things like a kitchen fire or a bathtub overflowing due to negligence.
While they are uncommon, accidents can happen in your home. Personal liability coverage protects you for legal costs and settlements should someone fall or slip in your home, and they pursue legal action. You'd never expect your friends to sue you, but with a good liability coverage plan in place, at least you can have peace of mind in knowing you're protected financially.
Simply put, you need renters insurance. But given how it protects a potentially difficult financial situation, you should want renters insurance.
Renters insurance is relatively inexpensive. When you compare the cost to repair or replace damaged property. It's a necessity to your financial wellbeing.
Where to Get a Renters Insurance Policy
A Google search for renters insurance will give you several providers.
However, if you want the best price with a hassle-free signup, we've got another option for you.
Avenue Living Communities is partnered with Sharp Insurance to give residents the ease of obtaining a renters insurance policy. We believe this policy achieves a good balance of coverage with a responsive claims service. We assist with the transaction, so it's easy and convenient for you.
Speak to your Leasing Specialist if you do not have a current renters insurance policy. Or if you're a new resident, ask your Leasing Specialist about our partnered renters insurance program for the best deal when you sign your lease.
For more information regarding our partnered renters insurance program, and other key resident information, please visit our frequently asked questions page.