Why Should You Get Renter’s Insurance for Your Long-Term Rental Home?
Few things in life make you feel more “grown up” than your first home. For those who cannot afford or are not ready to commit to the full package that comes with home ownership, a long-term rental home can still provide a more fulfilling and established sense than an apartment. While it can be less hassle than full home ownership, it can still come with responsibilities you may not have considered, such as renter’s insurance.
If you are renting a home, the building itself is covered from loss or damage by the landlord’s property insurance policy. However, your personal belongings or any damages caused by you, either intentionally or unintentionally, can be a huge financial loss.
You may be thinking your decision to rent instead of purchase may have been to avoid the hefty cost of things like home insurance. Renter’s insurance policies can be very affordable, $185 a year according to the National Association of Insurance Commissioners (NAIC). That’s a small price to pay for your personal property.
It Covers Your Belongings
Underestimating the value of your personal belongings can be significant. If you were to add up the value of your clothes, jewelry, luggage, computers, furniture, and electronics, it would be thousands of dollars easily. Even if you don’t own that much, it can add up quickly. And don’t forget the potential for accidents in your home.
If someone is injured while in your home or you accidentally injure someone, renter’s insurance can cover any legal expenses that may arise. You never know when the unexpected could happen. Be sure you know you can take care of things if it does by having the coverage you need.
The Bottom Line
Renter’s insurance provides coverage for your personal belongings and liability in case of injury. Getting into a long-term rental home can be a great achievement along the road of life. RE/MAX agents can help you every step of the way, including guiding you to the appropriate renter’s insurance coverage for your safety and peace of mind.
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