Millions of tenants in America are currently without renter's insurance and in many cases this is because people wrongly believe they don't need it. A landlord will be required by law to have various levels of coverage, depending on the state in which the property is located; however, this coverage rarely covers the tenants' own possessions and liability in the event of damage. Purchasing renter's insurance might seem like an unnecessary expense, but it could be far cheaper than facing a huge bill for damages, repairs and lost possessions.1. Coverage for Flooding
Imagine you decide to run yourself a hot bath. While waiting for the tub to fill, you receive a phone call that diverts your attention. Before you know it, you have not only flooded your own bathroom, you have caused major damage to the apartments below. This damage is a direct result of your negligence and it is unlikely that the policies of the landlord and other tenants will cover the damage costs. Instead, you will be handed a hefty repair bill and the money will come out of your own pocket if you don't have adequate renter's insurance.
2. Coverage for Fire Damage
An apartment building could contain dozens of tenants and that means the risk of a fire in the building rises exponentially. A landlord's building insurance will cover the structural damage a fire causes to your apartment as well as any redecoration required, but who will pay for your damaged TV, kitchen appliances, clothing and the hundreds of other possessions you store at home? If you don't have renter's insurance, you will be faced with the expense of purchasing replacements. The average renter has around $20,000 tied up in personal possessions and not many people can claim to have that kind of money at hand.
3. Coverage for Acts of Nature
Storms, earthquakes, wildfire and countless other acts of nature will not only lead to structural damage, they will cause damage to your possessions. A renter's insurance policy will give you the peace of mind in knowing that your goods are covered on the basis of the cost of replacing them - not their current market value.
4. Coverage When You're Without a Home
If you are forced to leave your rented property because of fire, flood or anything out of your control, renter's insurance could cover the cost of moving elsewhere while repairs are carried out. This could be a welcome relief if you are expected to cover the rent of the property being repaired.
5. Coverage for Burglaries
Some apartment buildings are viewed as great opportunities for burglars, as several homes can be raided in quick succession. The landlord's insurance will only cover his or her losses. Your own losses will be solely your responsibility. However, renter's insurance will cover the cost of your stolen possessions to a specified maximum amount.
If you rent your property, don't make the mistake of thinking you can rely on the landlord's insurance. Call Low Rate Insurance Agency now on at 817-635-0375 and we will work with you to find the most suitable and affordable Arlington renter's insurance policy on the market.