It is not always possible to foresee certain situations, such as fires or break-ins to the property. They say, man plans, God laughs. So it is important to protect your belongings with the help of renters insurance. We’ve prepared the most crucial information on the subject for you.

Some tenants might think that their stuff will be covered automatically if they rent an apartment, which is not true. If things get damaged because of lightning, fire, flooding, explosions, hail storms or sinkholes, it is the tenant and not the landlord who should pay for the losses.

Even if the renter is a responsible person, it does not guarantee the absence of force majeure, especially when it comes to multi-storey buildings. It is hard to say if the neighbors are careful, too. Do they smoke in bed? Nobody knows. Checking if they always turn off the taps and unplug irons is impossible either. And that’s when renters insurance comes in handy.

Your valuable things can be protected by renters insurance. Those can be your furniture, technical appliances, clothes, to name but a few. If they get damaged or stolen, you’ll be able to buy the new ones. Your money will be returned by an insurance company. There are certain coverage limits, though, so you should study your policy to know the maximum amount you’ll get in case of a personal property loss.

Such type of coverage prevents you from paying for the damage to other people’s property or for the injuries that can happen accidentally. For example, if your child’s ball hits your neighbor’s window, or a guest falls over something in your apartment, you won’t have to cover the expenses yourself. If the water gets from your unit to your neighbors’ place, the damage will be also covered by your renter’s insurance. It has the limits, so read it carefully.

This type of tenants insurance can help if the rental property is damaged and is no more suitable for living. You’ll be able to get a refund for the hotel bills and sometimes for food if the expenses increase the usual amount you used to spend on it. Investigate the policy to know exactly what additional living expenses it covers.

No matter which state you live in, the cost for your tenant’s insurance may vary, depending greatly on what type of coverage you choose. Its average cost is approximately €20 per month and about €184 per year. You will find the cheapest insurance in North Carolina, North and South Dakota. It is recommended to consult the agent to get a proper estimation of your assets as well as the risk factors and compare tenants insurance to choose the most suitable option.

Not every insurance company can provide the coverage for the damage caused by animals, such as scratching, chewing, etc. It is usually easier to deal with the consequences yourself than a claim for a refund. The harm done by the intruders, such as vermin, is not typically covered, too. However, pet lovers should always search for the exact information in their policy. It might say that, for instance, the accidental damage can be covered at least once.

It is possible to share the insurance with your roommates, however, it has its pros and cons. It is a cost-efficient solution, but you have to decide what to do if someone leaves the property. What is more, it is recommended to establish a separate insurance record. Otherwise, any claims from your roommates will be included into your personal insurance history.

Hopefully, this article has helped you to decide whether you need tenants insurance. Consult a local agent to get a detailed information and make your choice!