While homeowners insurance is usually mandatory—mortgage lenders won’t typically extend funds until they receive proof of funds—renters insurance is entirely optional. For virtually all tenants, though, it’s a sound investment. If you don’t own the dwelling in which you live, here’s why you should buy a policy.
3 Reasons to Buy Renters Insurance
1. Cover Your Living Expenses
If a disaster leaves your dwelling uninhabitable, you’ll have to move out until your landlord can make all the necessary repairs. Naturally, relocating to a long-term lodging facility, hotel, or another apartment is going to be costly. With adequate renters insurance, though, you won’t have to worry about paying a dime. The policy should cover the cost of temporary lodging until you can move back into your apartment.
2. To Replace Your Belongings
If your apartment is destroyed by flood, fire, or some other catastrophe, your renters insurance policy should cover the cost of replacing your furniture, clothing, jewelry, electronics, and appliances. Tenants typically assume their landlord’s homeowners insurance will protect them. However, if disaster strikes, that policy will likely only cover the structure, and not the belongings inside it.
3. Protect Your Financial Security
Renters insurance includes liability coverage, which will cover attorney fees and judgments up to the policy limits if you get sued over an incident that occurs on the property. If your dog bites a visitor, for example, or a guest slips and falls in your hallway, the injured party can sue you for damages. Additionally, without liability coverage, fighting the action could end up threatening your financial security.
For affordable renters insurance that will cover everything you need, turn to Texas County Mutual Insurance. Located in Licking, MO, this agency has been helping clients protect what matters most since 1904. A mutual carrier, they’re owned entirely by policyholders, which means your best interests are also their best interests. To request a quote for renters insurance, reach out online or call (573) 674-3125.