Most people mistakenly assume that when they have rented a place, the landlord’s policy covers them as well. However, that is not the case, and if you want to protect yourself, you will need to insure your property. The landlord policy only covers losses related to the building itself. Apart from protecting your property, there are many benefits to renters insurance. Creative Risk Management LLC of New Jersey explains below some of the advantages of renters insurance.
Covers Temporary Accommodation Cost
If, for instance, your home is affected by water damage or fire and you have to move for it to be repaired temporarily, renter’s insurance covers those extra costs. You do not have to be stranded as your home is fixed, as this policy can help cover the cost of temporary accommodation, transport, and food till your home is okay to move back in.
Protect Your Belonging
Take a look at your home and think of the value of all your property. If a thief were to break in and steal your possessions, or if there was a fire breakout damaging your belongings, would you be able to replace them? Renters insurance helps you replace or repair your belongings, saving you from a financial loss.
Liability Protection
If a guest walks into your home and accidentally gets injured, renters insurance will help cover the medical expenses that your guest incurs. This includes damage to the guest’s property, where it might need replacing or repairing. In addition to that, if the guest sues you due to injuries or property damages, renters insurance provides cover against such claims.
Peace of Mind
Purchasing renters insurance is like having an invisible shield protecting your belongings. It buys you peace of mind and you do not have to keep worrying about how you will replace your items when exposed to risks.
As discussed above, you can see how valuable renters insurance is. If you reside in New Jersey looking to purchase renters insurance, contact us at Creative Risk Management LLC. We are ready to help you, ensuring you are fully covered.
