If your rental property has ever been in a natural disaster or been robbed and vandalized, you know how important renters insurance is. As a renter, your rental unit and all of your property are extremely susceptible to damage in these situations. Because of this, it is very important that you protect yourself with renters insurance. National Property Management Group Kansas City cares about the well-being of renters, so we have provided some information that can help you make an informed renters insurance decision.
Importance of Renters Insurance
Protect your Belongings with Renters Insurance
In the event that a tornado strikes your rental unit, there is a high likelihood that your belongings will be destroyed. Having all of your personal things ruined is almost as devastating as having your home destructed. Although you can not control unexpected disasters, you can take some preventative measures to protect your personal property. By investing in renters insurance, you are protecting your personal things. Even if your personal effects are engulfed in flames, you can still receive financial reimbursement. In times of crisis, renters insurance is crucial.
Protect yourself from Property Damage Fees
Most rental owners have some kind of insurance coverage that protects a property in the event of a natural disaster or other related event. However, if property damage is caused by a self-induced accident, the renter usually incurs the cost of the damages. Even something as minor as water or carpet damage repair can cost renters a lot of money. To prevent yourself from being in this situation, renters insurance is an absolute must. If you are insured when an accident occurs, the liability will then fall on your insurance carrier, not you.
Protect yourself from Breaking the Bank in a Lawsuit
Have a trip hazard in your rental? Or what about a loose screw on your ceiling fan? Many renters do not consider the fact that they can be held responsible for the injury of visitors in your home. A serious injury could result in a lawsuit and/or expensive medical and legal fees. If you are not prepared for something like this happening, your financial well-being could be seriously compromised.
Interestingly, renters insurance policies are extremely affordable for tenants. Averaging about 15 dollars a month, renters insurance is inexpensive enough for almost any renter to afford. Some rental property groups will insist that a tenant has a renters insurance policy before moving into the property. But even if this is not the case, renters should make the acquisition of this entity a major priority.
When you consider how much time and money this coverage could potentially save you, there is no reason you should not have a policy of your own. Whether you are concerned about protecting your personal effects or want to avoid breaking the bank in a visitor injury-related lawsuit, renters insurance should be at the top of your agenda.
To learn more about renters insurance and/or our rental properties, contact National Property Management Group Kansas City at (913) 766-2302.