When moving into a new rental home or apartment it's important to know that your landlord's insurance only covers the building itself. Be sure to protect yourself and your assets by insuring all of the items in your new place.
The cost of renters insurance in most cases is minimal. Prices are based on the stated value of your personal belongings. For example, the cost to cover $30,000 worth of personal items and $100,000 worth of liability is only $12 a month. The lower the replacement cost of your personal belongings, the less the monthly payment. The wise saying "it's better to be safe than sorry" most definitely applies when it comes to renters insurance.
Here are a few key reasons to make sure you have this insurance:
Natural Disasters
Maine has seen it's share of heavy snowstorms, strong winds, hail, lightening, or even a fire. If the building you are in is damaged by any of these things renters insurance will cover your losses.
The Unexpected
Cars veering off the road and ending up in your living room, hot water heaters exploding, smoke damage from a fire next door, broken water pipes, electrical surges that fry your computer and tv or the weight of a heavy Maine snowfall causing your roof to collapse. All of these scenarios could happen and having renters insurance will make dealing with the situation much easier.
Vandalism
If anyone decides to vandalize your home/apartment or decides to break in and steal your belongings, renters insurance will help replace the items that were stolen/broken.
Financial Coverage When You’re Without A Home/Apartment
In the event you’re unable to stay in your place, renters insurance will cover the expenses you incur while your place is being repaired or rebuilt. Most renters policies limit the amount they cover under this benefit to 30 – 40 percent of the policy value. Check with your agent prior to the purchase of your policy in order to ensure that you have enough coverage to sustain you until you can get back into your house or apartment.
Protection Yourself From Liability
Imagine your tub or sink overflows and the water seeps through the floors and stains the ceiling of the apartment below yours. This is another good time to have renters insurance as it will cover the cost to repair damage to another house/apartment that has occurred due to an accident on your part. Likewise, If someone slips and falls in your place or runs into a door and needs stitches, your renters insurance will protect you from that liability by covering the cost of treatment.
The cost of renters insurance in most cases is minimal. Prices are based on the stated value of your personal belongings. For example, the cost to cover $30,000 worth of personal items and $100,000 worth of liability is only $12 a month. The lower the replacement cost of your personal belongings, the less the monthly payment. The wise saying "it's better to be safe than sorry" most definitely applies when it comes to renters insurance.
Here are a few key reasons to make sure you have this insurance:
Natural Disasters
Maine has seen it's share of heavy snowstorms, strong winds, hail, lightening, or even a fire. If the building you are in is damaged by any of these things renters insurance will cover your losses.
The Unexpected
Cars veering off the road and ending up in your living room, hot water heaters exploding, smoke damage from a fire next door, broken water pipes, electrical surges that fry your computer and tv or the weight of a heavy Maine snowfall causing your roof to collapse. All of these scenarios could happen and having renters insurance will make dealing with the situation much easier.
Vandalism
If anyone decides to vandalize your home/apartment or decides to break in and steal your belongings, renters insurance will help replace the items that were stolen/broken.
Financial Coverage When You’re Without A Home/Apartment
In the event you’re unable to stay in your place, renters insurance will cover the expenses you incur while your place is being repaired or rebuilt. Most renters policies limit the amount they cover under this benefit to 30 – 40 percent of the policy value. Check with your agent prior to the purchase of your policy in order to ensure that you have enough coverage to sustain you until you can get back into your house or apartment.
Protection Yourself From Liability
Imagine your tub or sink overflows and the water seeps through the floors and stains the ceiling of the apartment below yours. This is another good time to have renters insurance as it will cover the cost to repair damage to another house/apartment that has occurred due to an accident on your part. Likewise, If someone slips and falls in your place or runs into a door and needs stitches, your renters insurance will protect you from that liability by covering the cost of treatment.
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