For anyone who lives in a rented house or apartment, having renter’s insurance provides the tenant with more than just the security that knowing that if anything happens to their belongings they will be replaced. If anything happens to the apartment, like a fire, then the tenant is given a place to stay until they can find suitably replaceable accommodations, or until the unit is repaired. Unless otherwise stated in the policy, if a water bed were to break and cause water damage to the rental units below, then the damages would be covered by the insurance company.
With no renter’s insurance, the tenant would have to pay for all repairs when something happens to their unit, or they accidentally cause damages to other units. A tenant who owns a water bed and does without water bed damage coverages is taking a very big chance on never having the bag rupture, as they would be responsible for all damages, to all lower affected units, the ceilings/floors separating the units (structural damage, which could run in the millions of dollars in extreme situations) as well as their own unit.
Renter’s insurance provides peace of mind for the renter when people are visiting, since the policy would cover any injuries occurred on the premises, to the maximum amount signified in the insurance policy for each specific injury. Without renter’s insurance, and living in a split-house apartment, if someone were to injure themselves on the property, like a front porch, then the renter would then be held liable for any expenses awarded to the plaintiff, as well as court costs and legal fees.
Many people feign injuries when invited to someone who they don’t knows home, and fall in such a way as to injure themselves, or to cover a recently occurred injury. The malcontents can also feign that the injury happened due to faulty or unsafe design and manufacture of the rental unit, and sue the home designer and manufacturer as well. Having renter’s insurance gives the tenant a piece of mind that they are covered from such litigious people.
Living in a recessionary time and with high unemployment and foreclosure rates, tenants are advised to always have renter’s insurance, with at least fire, theft and water damage coverages. Call a local insurance company that specializes in homeowners insurance, or visit their websites today. They will all have renter’s insurance, and if you approach at least three insurance companies, and show each agent the previous company’s rates, coverages and deductible amounts, they will most likely undercut their competitors to gain your business.