Four Reasons You Need Renters Insurance

Four Reasons You Need Renters Insurance

renters insurance in Indianapolis

Nearly everyone that buys a home purchases property insurance. Lenders, of course, require such if there is a loan, but most agree that, mortgage or not, obtaining comprehensive coverage is a foregone conclusion.

Oddly, many Americans who lease homes and apartments do not feel the same urgency. Skipping out on insurance, however, is not a wise move. If you are considering whether or not to purchase renters insurance in Indianapolis, here are some important factors to consider:

Your landlord’s property insurance does not cover the loss of your possessions. In the event of fire, theft or water damage, the owner’s insurance covers only damages to the building’s structure. Your television, bed and laptop? That’s on you.

Renters insurance provides funding for temporary housing. Ousted by fire or mold damage and in need of a hotel room? A renters policy “loss of use” provision typically pays for a hotel or rental of a new place.

Liability coverage is included for injuries suffered by third parties inside your home. A dog bite or a simple trip and fall can often lead to serious financial consequences. Renters insurance in Indianapolis is structured to include—up to prescribed limits—payments for medical expenses as well as potential legal defense.

Renters insurance is much less expensive than property insurance. Most policies average between $15-$20 per month, making it a very economical hedge against possibly debilitating financial consequences.

Renters insurance in Indianapolis shouldn’t be an option. Like its more popular cousin, property insurance, this is one expenditure that is a no-brainer.