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.

One of the major reasons why you are going to need a home renter insurance policy is because of the personal properties you have moved into the apartment you rented. The insurance taken by your landlord does not include your personal property. Thus, if there is a case of vandalism, theft or fire and you lose your property, don’t expect your landlord or the insurance company of your landlord to contribute a dime towards compensating you for the property you have lost. It would completely be your responsibility and that of your home renter insurance company (if you have invested in any) to compensate you or contribute towards replacing your property.

If the event that occurred destroyed 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.