If you’re renting, you need renter’s insurance. Many Fargo property managers and landlords ask for proof of renter’s insurance before you move in. However, even if they don’t, you should still get renter’s insurance for yourself.
It may seem unnecessary, but renter’s insurance is inexpensive and gives peace of mind if something happens to your belongings. Getting renter’s insurance is easy. You can contact an insurance agent or go online to compare policies. Here are five reasons why each renter should have renter’s insurance.
Your landlord’s insurance doesn’t cover your belongings in the event of a power outage, fire, flood, theft, or other disasters.
Your landlord’s insurance probably only covers the property, not your personal belongings. If a fire or flood happens in your apartment, you will be responsible for replacing anything not covered by renter’s insurance.
Renter’s insurance is relatively cheap and can be customized to fit your needs.
You can secure a basic renter’s insurance policy for less than $20 per month. For high-value items like jewelry or art, you can add extra coverage for complete protection. This affordability provides financial security in the event of unforeseen incidents.
You can customize your renter’s insurance to include liability coverage, protecting you if the property is damaged by you or a guest, or if someone is injured and sues you. If you have roommates, they will need their own policies, as your renter’s insurance doesn’t cover their belongings.
Each adult living in the rental should have their own renter’s insurance policy.
Most renter’s insurance policies cover temporary living expenses if you have to move out of your apartment due to a disaster.
If your apartment is uninhabitable from a fire or flood, your renter’s insurance will likely cover the cost of a hotel or temporary housing. This can be very helpful if you don’t have the funds to cover these unexpected costs.
Renter’s insurance can help you recover if your belongings are damaged or lost. If you lose everything in a fire or theft, renter’s insurance can help replace your belongings. This can be a significant help if you don’t have the money on hand to replace everything at once.
Renter’s insurance can also help replace important documents like your passport or birth certificate if they are lost or destroyed. Losing these items can be financially burdensome and make replacement difficult.
Having renter’s insurance gives you peace of mind, knowing you’re covered in an emergency.
Nobody likes to think about worst-case scenarios, but accidents and natural disasters do happen. And if something happens to your belongings, it’s reassuring to know you have coverage. Renter’s insurance provides peace of mind, knowing you’re protected in an emergency.
A great manager is essential for stress-free property ownership for landlords and property owners. At Real Property Management Ambassadors, we handle every property seriously and aim to exceed expectations. Contact us or call 701-970-2600 for outstanding services in Fargo and nearby.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
