Renting an apartment can be really stressful. Everything from finding the right place to moving all of your stuff there can be tedious, time-consuming, and full of unexpected problems. But, once you’re done with all that, you can finally relax and start enjoying your new home.
There are plenty of moving tips that you can find online, and we are not here to give you advice on that entire process. Instead, we are going to focus on one particular aspect of moving in that you probably haven’t thought about before.
Renters insurance is not a popular type of insurance, and many tenants don’t even know such a thing exists. Some of the ones who do, on the other hand, don’t consider it important enough. However, in this article, we will try to convince you that renters insurance is an absolute necessity for you and the loved ones that you’re planning to live with. Read on!
What Is Renters Insurance Exactly?
In short, renters insurance is a contract between you and the insurance company through which they can reimburse you for the damages of your possessions due to multiple factors like fire, theft, and other perils. Moreover, renters insurance can take care of any living expenses that you might have if your rented apartment is in an unlivable condition. Certain medical and legal fees might be covered as well.
Your landlord might have some type of insurance as well, but if things go wrong, only his or her stuff will get covered by the policy and none of your own. You might not consider renters insurance of being that worthy, but think about all of your possessions that can’t live without these days like laptops, phones, clothes, furniture, bikes… After all, it’s better to be safe than sorry.
Details About Renters Insurance Coverage
As we mentioned earlier, renters insurance covers a lot of things that can be caused by perils. However, there is a lot of stuff that this type of insurance doesn’t include, and it’s important for you to know this before signing any kind of a policy.
Any misfortunate events caused by natural disasters like fire, storms, lightning, freezing weather, and more, will usually be covered by renters insurance. Additionally, if vandals, thieves, or rioters break into your apartment and steal or break your possessions, you will still be covered. There are a few exceptions, however. Floods generally aren’t covered, and in some states, like California, for example, neither are earthquakes. Power outages aren’t covered, and renters insurance can’t help you if a war or a terrorist attack breaks out or your stuff gets broken due to any human-made catastrophe.
Renters insurance will grant you a place to stay and cover some of your spendings while your apartment gets fixed. If you get injured or someone gets hurt in your apartment, medical fees will get taken care of to some extent. Certain legal fees can be included in the policy as well.
Lemonade – Renters Insurance of the Future
Rent insurance by Lemonade offers some of the best policies around. The pricing starts as low as $5 a month, and you can easily adjust the policies to your needs. An average policy costs around $15. This is yet another reason why every tenant should consider signing up for renters insurance. It’s dirt cheap, and you won’t even feel the money coming out of your pocket.
You might wonder why Lemonade differs from other renters insurance companies. The reason why this particular company is unique is that they offer an easy-to-use mobile app through which you can update your policy anytime you want. This circumvents the long and dull process of contacting brokers, support teams, and waiting for the paperwork to be done.
Personal property value can be set between $10,000 and $250,000, while you also get to choose amounts for personal liability, loss of use, and medical payments. With a simple tap of a button, you can add or remove other people that you want to include into your policy – marital partners, family members, children, or any other relative that you’re sharing your apartment with. Updating your policy has never been easier. No paperwork is involved, as everything gets done digitally.