Although renters insurance may just seem like another unnecessary expense in addition to your rent in Gainesville apartments, the benefits of a renter's insurance policy are often overlooked. Renter's insurance is not only undervalued but also provides surprisingly more coverage than you may realize, and at an affordable price point. Need we say more? Well, we will - Here are the top 6 reasons you should consider purchasing renter's insurance:
A renter's insurance policy typically only costs a couple hundred dollars and provides coverage for your personal property (i.e. electronics, furniture, clothing, etc.).
Renter's in "college towns."
If you are a university student, it's likely you leave your apartment or rental property vacant for spring break, holidays, and possibly even an entire summer. If your property is vacant for extended periods of time, it is especially wise to purchase a renter's insurance policy, as many burglars anticipate these "college town" properties to be vacant during these time frames.
Your personal property is NOT covered by your landlord's insurance policy.
Many renters believe their landlord is responsible for their possessions, which couldn't be further from the truth. As a tenant, you are responsible for your own personal property. For example, if your apartment catches fire and your personal belongings are destroyed, you are responsible for replacing such items, not your landlord.
You can add additional coverage for valuable items to a renter's insurance policy.
For example, if you are a renter and own valuable items such as jewelry, guns, collectibles, etc. you may want to consider "scheduling" such items on a renter's insurance policy (assuming you don't have homeowners insurance) to provide additional coverage. If you do not have a homeowners or renter's insurance policy, you would need to purchase a separate insurance policy (i.e jewelry insurance) to cover such items. Although renter's insurance and homeowners insurance both provide coverage for valuable, there is a limit, and if your possessions exceed this limit we strongly suggest you add an endorsement to your policy to provide additional coverage.
Renter's Insurance provides Loss of Use coverage.
What is loss of use coverage you ask? Imagine you cannot live in your apartment or rental property because it has been deemed unlivable due to damage caused by a covered peril, such as a fire. Loss of use coverage pays for expenses you may incur while your property in uninhabitable, for example – the cost of staying in a hotel, dining out, etc.
And last, but certainly not least…LIABILITY!
Renter's insurance policies provide personal liability coverage for bodily injury and property damage to others that may be caused by your actions or negligence. Liability protection also helps cover the associated legal costs for such damages or injury. The limit for this coverage is typically selected at the time the policy is purchased.
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