What is home renter insurance and why is it needed

If you reside in an apartment that you have rented, you might be wondering what use insurance will be for you and the house you have rented. You could even believe that it is the responsibility of your landlord to get an insurance policy to protect the house and your property. However, this is often not the case. There are several reasons for which you will need an insurance policy as a tenant. This article will discuss some of the reasons why you need a home renter insurance as well as how you can get cheap home renter insurance policies.

Ideally, we hope our rented homes are safe places without unexpected accidents. But sometimes, things don’t go as planned. When you get hurt in your rented place, it’s important to know who’s responsible for compensating you. In these unfortunate situations, it’s likely that your landlord or their insurance won’t cover your expenses. Instead, you’ll have to rely on your own home renter insurance, if you have it, to help you out.

While securing a home renter insurance policy is crucial, it’s essential to remember that insurance companies, like all businesses, are driven by profit motives. Their primary goal is minimizing their financial exposure and safeguard their bottom line. Consequently, they may employ various tactics to reduce the money they pay in claims. These tactics can include disputing the severity of your injuries, attempting to blame you for an incident, or applying pressure to accept a lower settlement offer. So, it’s important for you to be well-informed and proactive. This involves thoroughly understanding your policy terms, documenting incidents comprehensively, and seeking legal counsel if necessary. By staying informed and vigilant, you can ensure they receive the protection and compensation they deserve in times of need.

Furthermore, if something unfortunate happens that destroys the house that you live in, you would need a temporary accommodation where you can stay until your landlord can provide you with another house or you get another accommodation to rent. This would most likely mean lodging in a hotel and buying food from restaurants that would be more expensive than the meals you cook at home. Imagine such a scenario happening just after the middle of the month when you have almost exhausted your salary. It would be the responsibility of your insurance company as a tenant to cater for the cost of accommodation and feeding till you can move into another proper house.

Now to the tips on how to reduce the premium you would pay to the insurance company willing to insure you as a tenant such as Lemonade for Renters. First of all, you should strive to get accommodation in an area where there is a low level of crime. Areas with a high rate of crime will be required to pay more premium than areas with little to no cases of crime. This is because higher risk means higher premiums to insurance companies. You might want to consider getting an apartment close to a fire station or police station. An apartment close to a fire station would mean that in the case of a fire outbreak, the fire service representative could be there in a few minutes and quench the fire before any major damage is done. The police station close to the house will also discourage thieves and vandals from patronizing the area. Insurance companies are aware of these and would consider it in your favor when calculating the premium you should pay.