If you rent, you need renter’s insurance. Many property managers and landlords in Lake Oswego require proof of renter’s insurance before you move in. Even if they don’t, you should still get renter’s insurance for your own protection.
It may appear unnecessary, but renter’s insurance is inexpensive and offers peace of mind if something happens to your belongings. Obtaining renter’s insurance is simple. You can either contact an insurance agent or compare policies online. Here are five reasons why you should have renter’s insurance.
Your landlord’s insurance doesn’t cover your belongings in the event of a power outage, fire, flood, theft, or other disasters.
Your landlord’s insurance likely covers the property but not your personal belongings. If a fire or flood occurs in your apartment, you’ll have to replace anything not covered by your renter’s insurance policy.
Renter’s insurance is relatively cheap and can be customized to fit your needs.
You can secure a basic renter’s insurance policy for less than $20 per month. If you have valuable items like jewelry or art, you can add additional coverage to protect them fully. This affordability secures your finances in case of unexpected events.
You can tailor your renter’s insurance policy to include liability coverage, protecting you if you or a guest damages the property or if someone gets injured and sues you. If you have roommates, they need their own policies since your renter’s insurance doesn’t cover their belongings.
Every adult in the rental should have their own renter’s insurance policy.
Most renter’s insurance policies cover temporary living expenses if you have to move out of your apartment due to a disaster.
If your apartment becomes uninhabitable due to a fire or flood, your renter’s insurance will probably cover the cost of a hotel or temporary housing. This can be incredibly helpful if you don’t have the money to cover these unforeseen expenses.
Renter’s insurance can help you get back on your feet if something happens to your belongings. If you lose everything in a fire or theft, renter’s insurance can help you replace your belongings. This can be a great help if you lack the funds to replace everything at once.
Renter’s insurance can help you replace important documents, such as your passport or birth certificate, if lost or destroyed. Losing these items can be a financial setback and make them difficult to replace.
Having renter’s insurance gives you peace of mind, knowing you’re covered in an emergency.
No one wants to think about worst-case scenarios, but accidents and natural disasters do occur. And if something happens to your belongings, it’s reassuring to know you have coverage. Renter’s insurance provides peace of mind, knowing you’re protected in an emergency.
A reliable manager is crucial for stress-free property ownership for landlords and property owners. At Real Property Management Solutions, we take every property seriously and strive to exceed expectations. Contact us or call 503-224-3002 for top-quality services in Lake Oswego and nearby areas.
Originally Published on June 24, 2022
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