Your landlord’s insurance will cover the building and property you live in, but it won’t cover your personal belongings if an unfortunate accident happens, which is where renters insurance comes into play. We’ve rounded up the top 5 reasons why you should have it.
1. It covers loss and damage to personal property
Renters insurance protects your clothes, jewelry, luggage, computers, furniture and electronics from loss and damage by a long list of unfortunate accidents including damage (or loss) caused by vehicles, aircraft, explosions, falling objects, fire, lightning, ice, snow, sleet, hail, windstorms, riots or civil commotion, smoke, theft and vandalism. Also, water damage from household appliances, plumbing, heating, air conditioning and fire protective sprinkler systems. Accidents caused by these things are mostly out of your control, so it’s best that you’re covered – especially since it’s been estimated that the average renter owns around $20,000 worth of personal property (according to esurance.com)! That would be a serious headache (and heartache) to replace.
2. Your belongings will be covered even if you (and your stuff) aren’t at home
With renters insurance, your belongings are covered whether they’re at your house, in your car, or with you on vacation! And since life is full of surprises (like losing your luggage) it’s always nice to know that you won’t have to pay even more for your vacation than you anticipated.
3. Covers additional living expenses
If a terrible accident occurs like the ones listed above, Renters Insurance will help you pay for any additional living expenses including accommodation, food and more. I don’t know about you, but I certainly wouldn’t want a hotel bill on top of the cost of replacing all of my things!
4. Provides coverage for personal injury
Renters Insurance also includes liability coverage, meaning it provides protection if you’re accidentally injured in your home. It also includes coverage if someone else is injured in your home, so you’re off the hook (financially) if an accident occurs and your guest slips, falls or is bitten by your dog, ouch! You know the saying, better safe than sorry. It totally applies here because medical bills can really add up and these types of accidents are often out of your control.
5. It’s affordable
Renter’s Insurance is very affordable. Here at RentMoola, we offer insurance for as little as $19/Month with coverage provided by HUB International (for Canada only). $19/Month is about the cost of a t-shirt at Forever21. We’re certain, if you’re renting, you own more than just that – so it’s worth it to get your stuff covered because, let’s face it, accidents happen!
Visit rentmoola.com/insurance if you’re renting in Canada to get a quote today!