Benjamin Franklin once said, "By failing to prepare, you are preparing to fail." For a renter, preparing to move into a new rental can be overwhelming, but there is one step that is a simple preparation for unexpected events, which is obtaining Renter's Insurance. Renter's Insurance was created specifically to protect a renter's personal belongs during their tenancy, and coverage can be extended to cover the property owner's property in the event of loss or damage due to tenant negligence.
For example, Miss Smith in apartment #201 overfills her washer, which causes the washer to overflow and saturate the carpet which then leaks into Mr. Jones’ apartment below. The water leak from Miss Smith’s apartment causes damage to Mr. Jones’ TV, which has to be replaced. Luckily for Miss Smith, she obtained Renter’s Insurance when she moved into the property, and has water damage coverage on her policy. She immediately contacted her property manager to notify them of the incident, and provided her Renter’s Insurance information. If Miss Smith did not have Renter’s Insurance, she would have to pay for the expense to clean up the water and make repairs out of her own pocket, which could have been over $1,000 depending on the extent of the damages. Not to mention, she was able to include the expense of having to replace Mr. Jones’ TV on her insurance claim.
Most Insurance Companies have different policies available that protect the tenant's personal property from events such as: Fire and smoke damage, theft and vandalism, and water damage. Even though Renter's Insurance is not required, it is highly suggested, and the costs can be very minimal for extensive coverage. On average a standard renter’s insurance policy runs about $200 per year. This is $16 a month that can save any renter thousands of dollars in the event of an unfortunate accident.
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