While there may be many disputes between a landlord and the potential renter, purchasing renters insurance should always be an agreement. Not only does it keep the renters possessions covered in situations but it also keeps the landlord safe from lawsuits as well. Here are the top 3 reasons why renters insurance is the best way to keep all happy and covered.
Thefts and Burglaries.
As the renter, if your home is burglarized and items are stolen and/or broken, your renters insurance will cover the repairs and replacements of these items. Otherwise, without it, you will be having to pay out of pocket for all of those items.
As the landlord, if your renter has insurance in the case of a burglary then all of their items are covered and they are less likely to break their lease. Having to pay out of pocket for certain items after a burglary can be a hefty bill, which means there is a greater chance they will not be able to afford their rent payments.
Fire and Storm Damages.
Again, as the renter your possessions will be covered in the events of a fire or storm damages. Most policies often come with coverages for loss of use, which helps to pay for certain expenses if you are forced to relocate during the repairs.
Because your landlord insurance policies usually cover lost income due to tenant relocation, you normally don’t have to worry about that. But because tenants who have insurance will be reimbursed for the time and money spent during repairs, they are more likely to return to the property and complete their lease.
Someone is hurt one your property and sues. Luckily renters insurance will usually pay for a portion of the damages as well as a portion of the legal assistance you might require. Being without renters insurance during situations like this can leave you stranded and alone in the middle of a lengthy legal battle.
In some cases of liability there is a possibility of the landlord getting drug into the legal battle. Having a renter with insurance, as well as having landlord insurance yourself, can help save you a lot of trouble and time in the court systems.
While most thing that renters insurance will be a costly monthly expense, it usually only costs between $15-$30 a month. Having renter’s insurance will not only help to make sure you’re covered for the ‘just in case’ moments, but can also take a huge weight of off your chest when those moments actually happen.