Moving into a new rental can be exciting! However, you may be thinking of items such as moving, location amenities, insurances and other administrative items associated with relocating.
And when it comes to renter’s insurance, you may find yourself with more of a stress load than you bargained for. But once you understand the basics, you’ll have a grasp firm enough to keep yourself moving during your new rental journey.
Renters insurance offers protection for personal goods in a rental property, and many complexes and landlords require tenants to purchase a renters insurance policy.
It’s similar to homeowners insurance as it protects your personal items. However, renters insurance is cheaper than homeowners insurance. On average, it costs about $15 a month.
Renters insurance offers personal property coverage and liability coverage. Some policies may even offer coverage for additional living expenses should you become unable to occupy your rental residence. And for those without additional living expenses in their policy, many insurance companies will offer additional add-ons for said coverage.
Even though renters insurance offers coverage against a wide range of perils, there are some things not covered. In fact, many policies won’t cover pests, earthquakes or flooding. However, that doesn’t mean your personal property cannot be covered. You may just need to take out additional coverage to fill in the areas that your required policy may leave empty.
Renters insurance policies offer protection when disaster strikes, leaving you and your personal property covered. Without it, you may find yourself liable for situations that are not your fault, such as a neighbor accidentally starting a unit fire that impacts neighboring units.
This alone could run you as much as $20,000 or more, depending on the damage done from someone else’s negligence.
So, while renters insurance may be a requirement for some, it’s worth the purchase for all. After all, peace of mind is one of the facets that makes a home comforting, regardless of ownership.
Kim Clark started her real estate career in 1999 and shortly thereafter obtained her Broker’s license in 2002. After working for larger, corporate offices, she realized that her business and clients needed a more personalized and flexible firm. She founded Bayside Realty Consultants in 2007 offering a space of unity, collaboration and encouragement for agents and their clients. Kim specializes in the unique Cape Cod market comprised of primary, vacation and investment properties.
She says "It is great to be a part of helping make a homeowner's dreams come true". Clients and their individual needs can make things very exciting! Kimberly's enthusiasm is contagious and it has been a real asset in her successful career. She says, "Never quit. Just do what you like and the rest just falls into place." She is certified in several real estate designations including GRI, CBR, CRS, e-Certified, and a certified trainer.
