Renters Insurance Policies
Why You Need Renter's Insurance
Most homeowners don’t question the need for insurance. It’s typically required as a condition of a mortgage. The need for financial protection is obvious. Not quite as obvious (since the tenant doesn’t have a long-term financial obligation to a mortgage holder) are the benefits of insuring your home.
The first consideration starts with the fact that you do have an investment to protect. Perhaps not the building itself, but since you’re not sleeping on the floor in an empty building, you do have a considerable investment in personal property to protect.
The landlord is typically held responsible for injuries occurring in common areas, but not accidents within your contracted dwelling. A slip and fall can turn a friendly visit into a catastrophic event in a split second. Without insurance it can ruin you for life.
In the headlines nearly every day are warnings of identity theft. One of the protections offered in renters insurance is protection from unauthorized transactions on your credit cards. As we move more and more to a cashless economy, the need to insure our plastic becomes more critical. A mugger today is more likely to use a computer than a gun and is far more effective in cleaning you out from a thousand miles away.
Unless you plan on never leaving your rented property, you need coverage for damage you might do to other’s property. A bad slice off the tee on the back-nine can put a golf ball through the windshield of a car, and the responsibility is on you. Too many normal daily activities result in unintended consequences for which you’re liable under the law. It makes no sense to leave yourself unprotected against such things. The first rule of finances is before you increase your wealth, you must protect what you already have. Renters insurance is how you do that.
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