Why you should have a Renters Insurance

An insurance coverage is an investment and protective measure intended to protect, mitigate and minimize the pain and suffering from accidental and unintended loss. The scope of insurance has over the years expanded to cover virtually every area of human life. The list of insurable items, commodities and services is endless and continues to stretch in elasticity, in line with social, economic and technological advancement.

While the use of insurance has undoubtedly expanded as a common investment and loss reduction practice, there is however, an insurance coverage that is so uncommon and relatively unknown but should ordinarily be given due consideration because of its importance and relevance to every day life. Very few people know about the availability of the Renters or Tenants insurance. Even among the few that know about this coverage, it is often not considered necessary.

The truth however, is that a renters insurance is as important as any other insurance coverage because it offers protection over a wide range of personal possessions from loss and damage arising from theft, fire, flood etc. The probable reason why so many people don’t buy this coverage is because unlike auto and mortgage insurance which are mandated by law, the renters insurance is entirely a matter of an individual’s choice and prerogative.

People consider a renters insurance unnecessary either because they have very few valuables or they have little or no savings and therefore cannot afford to waste the little they have. The truth however is that a renter’s insurance should be considered necessary because of its coverage on such movable household property as clothes, furniture, electronics, computer and many others.

A renters insurance also offers the benefit of providing liability protection. For example, if you accidentally leave your tap running while away and the home gets flooded and ruins the floor and you are held liable, a renters insurance will pay for the cost of repairs for the damage done. A renter’s insurance will also cover the cost medical bills if you are held liable for an injury arising from a fall in your home or apartment.

Renter’s insurance is highly recommended for people who travel and are away from home for extended periods of time. This is in view of the possibility their homes being burglarized or vandalized in their absence. This becomes more compelling for people who have a vintage collection of antique materials, jewelries and other collectibles.