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Benefits of Having Renters Insurance

Benefits of Having Renters Insurance

Renters insurance is one of the most important types of cover you should have if you’re living in a rented property.

Renters insurance is one of the most important types of cover you should have if you’re living in a rented property. With nearly a quarter of households dwelling in private rental housing, it makes a lot of sense. With rental insurance, you as the tenant will be covered if something happens to your belongings. This means that even though you’re not the homeowner, the contents of the house are covered just as a house would be. You’ll also be covered if you sustain an accidental injury while on the property. Coverage would protect you in case of property damages caused by fire, too.
Your landlord can be held responsible for hazards within the dwelling. These include poor lighting, faulty wiring and lack of working fire alarms just to name a few. If you haven’t got it, or you’re not sure how it can help you, let us give you the rundown on renters insurance.

How Renters Insurance Covers You:

  • Natural disasters or extreme weather conditions are the accidental causes of property damage. They’re no one’s fault, and it’s very difficult to be completely protected against the potential destruction they bring. Your landlord would be in charge of any structural repairs, but any damage to the stuff inside the house is going to cost you out of pocket if you’re lacking renters insurance. Of course, check the policy first in case you have to add that as an extra, especially if you live in an area prone to cyclones or floods.
  • An unfriendly character might take some of your belongings. Burglary happens, to hundreds of thousands of Australian households each year. As unfortunate as it is, for the items that aren’t sentimental and can be re-purchased, you’ll have renters insurance for that.
  • Someone might be injured or hurt while visiting you, making you liable. In the event that your dog bites a guest, or your accident prone friend slips in some spilt detergent, you will have insurance to protect you if you are held accountable for their injury.
  • If your negligence leads to property damage. Maybe you forgot to turn off the hair-straightener and a fire started. In a case like that, the repair bill is on you. Similarly, if the sink overflows and the carpet needs replacing – get your chequebook. Unless you’re insured!
  • In the case of you needing emergency lodging. If you can’t stay in your house for whatever reason, whether it’s damage or fumigation, the cost of your temporary accommodation is taken care of in your policy.

Finding a policy to suit you is incredibly easy. Compare different insurance providers and think about what your needs are before you make a decision. But it definitely pays to have the peace of mind that comes with knowing you’re backed up in case of an emergency or accident.

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