According to research conducted in 2016, only 41 percent of renters have renters’ insurance. While this is a significant increase from 2011’s 29 percent, it still isn’t enough. You may be wondering “why get renters insurance.” The answer is simple: it’s affordable, it protects your property and it likely saves you money in the long run. Check out these reasons that insurance for your apartment is so important.
- You Are Required to Have One
While there are no known local, state or federal laws that require renters to carry insurance, it is legal for the landlord to add an insurance clause in the lease. If you sign a lease with an insurance clause, you may be required to prove you have a policy or to purchase one within a specific amount of time. Failure to do so technically puts you in breach of your contract. Some landlords won’t follow up on this, but if yours decides to, it would be within his or her legal rights to evict you based on breach of contract. Purchasing renters’ insurance is much more affordable than an unexpected move.
- You Have a Dog
If you have a dog, it’s a good idea to get an insurance policy. Many renters’ policies have liability coverage that includes dog bites on or off the property. Remember, even the tamest, happiest dog can become a liability when unexpectedly frightened, so don’t make the mistake of thinking Fluffy would never hurt somebody. She probably won’t, but it never hurts to be safe. Keep in mind that some breeds, such as those known as “bully” breeds, may require stricter coverage, which you can find in a traditional pet insurance policy.
- You Want to Protect Your Stuff
This seems like an obvious reason, but many renters don’t realize that landlords’ policies don’t cover tenants’ personal property. An insurance policy for renters covers furniture, electronics and other big-ticket items, as well as kitchenware, clothes and other small property. Be sure to double-check which situations the policy covers. Most handle break-ins and fire, for example, but people who live in areas prone to flooding may need a separate flood policy.
- You Want Protection Outside of the Home
Some policies for renters cover the property even when it isn’t in the home. Perhaps your favorite jewelry was stolen from your locker at the gym, or maybe someone swiped your bike from the post you tied it to while you had lunch with friends. In some cases, your policy will cover these situations. However, it is important not to assume it does. If outside coverage is important to you, double-check that you have it before paying for a policy.
These are just some of the reasons that you need apartment renter insurance. The bottom line is that spending a few bucks a month (yes, it’s really that cheap!) on insurance now could save you hundreds of dollars or more in the future. Find out what Bolt Insurance can do for you. Contact us today to learn more about our services and see if we can create a bundled package for you.