A lot of people rent places to live nowadays and most of the time the landlord has insurance for the property. However, did you know that you should also have renters insurance? Many people don’t realize renters insurance is important to have, because the insurance that the landlord has might not cover your needs. To help you learn more, here’s what you need to know about renters insurance.
The Difference
Firstly, there are two types of renters insurance. Renters liability insurance protects you from paying for accidents that damage or cause losses to the property or a person. The other one is renters content insurance which will cover the current estimated depreciated value or replacement value of items that are lost, damaged by fire or stolen. The landlord’s insurance can cover the property damage but it probably will not cover the items that belong to you inside the property.
The Benefits
Most people do not think that insurance is important because they have savings. However, your savings might not be enough to recover everything that you lost, plus you would lose all of your hard-earned savings at the same time! Even people who have a lot saved up can find themselves struggling to buy everything that they need in one go. Having the right Renters insurance Maryland renters insurance Maryland can help you get back your items without burning a hole in your bank account.
So what if none of your items were damaged but the property was damaged because of you? For instance, if you left the water running that could cause damage to the floors of the property. The landlord will require you to pay for that since you were the cause of the damage. Having renters insurance Maryland for liability costs can save you so much money in the future.
Having the right kind of renters insurance can help you too if someone like a visitor gets hurt while they are on the property. For instance, if they are hurt because they fell in your property, insurance can cover most of the legal and medical bills. Insurance is a fantastic thing to invest in because you really never know what could happen. Insurance can save you from sudden moments that you otherwise would have not been prepared for.
If you own a dog, you might want to get renters insurance too. Usually, it can cover dog bites off or on the property. However, you have to make sure that it is included in your renters insurance policy first. While most insurance policies include it, they might limit or exclude coverage for the dogs.
Costs
The costs of renters insurance vary from state to state and could also vary on what kind of place you are renting. Some places tend to be cheaper than others, but generally, renters insurance should not cost you too much each month. Keep in mind that renters insurance is a wise investment to make because that small amount of money could save you thousands in the future.
If you want to stay prepared for the future, then you need renters insurance. It is one of the wisest investments that you can make to keep yourself insured.
Renters insurance Maryland can save you from a good amount of headache in case of unforeseen and unfortunate circumstances. At Insurance Brokers of Maryland, we can help you find the best one that fits your needs and budget.