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Risks of not Having Renters Insurance

Do I need renters insurance or not?” This is one common question on the lips of tenants. If you are in this category, you’re not alone.


Most people who lease their homes do not think renters insurance is important. They probably think, “I pay rent, so the landlord should be responsible for anything that happens to my belongings.”


Sorry to disappoint you, but this isn’t the case.


Deciding against renters insurance exposes you to huge risks that can leave you in a financial mess. Here are some of them.


#1. Damaged Possessions


If you think renters insurance is expensive, consider how much it’d cost you if you don’t have one.


For instance, if a fire damages your clothes, shoes, electronics, jewelry, and other personal items, you’d have to replace or repair them out of your pocket.


On the other hand, with less than $30 per month as a premium for renters insurance, all you need to do is file a claim to receive money that covers the damaged belongings.


#2. Loss of a Place to Live


Everyone knows disasters happen, but no one knows when they’ll. Your rented home might be gutted by fire or flooded, making it inhabitable for living.


You and your family have to make do with temporary accommodation. Thinking your landlord will refund you for the days you can’t use the home? Right. But you only get your daily rental rate, which, let’s be honest, won’t get you anything decent.


You don’t have to go through all of these hassles when you have renters insurance. Simply look for a decent hotel or temporary housing, and renters insurance will cover the cost.


#3. Lawsuits


If a guest comes visiting you and gets bitten by your dog, you might be held responsible for the injury and have to pay the resulting legal and medical bills.


Renters insurance takes care of all of that, covering attorney charges and settling any hospital bill. Renters insurance also helps pay if you damage other people’s property.


#4. Stolen Belongings


Say your home is broken into, and thieves make away with your belongings. Without renters insurance, you’re left high and dry.


Replacing your expensive items will certainly put a dent in your bank account. Most people opt for renters insurance to avoid such scenarios because they know that they won’t have to replace stolen items out of their pocket.


Another perk of renters insurance is paying for the replacement or repair of items stolen outside your home. So if your laptop is stolen in your car at work, renters insurance got you covered.


#5. Eviction


For most lease agreements, it is a requirement that tenants get a renters insurance policy.


If you sign the agreement, it becomes mandatory for you to get this coverage throughout your stay there. Failure to do so, your landlord has the full legal right to evict you.


Leasing a home in or around Powell, Ohio? Getting renters insurance is a smart step to protect you and your belongings. Rolland & Associates can provide you with the right policy to prepare you financially for any eventualities. Get in touch with us!