These days, many property managers and landlords require tenants to carry some form of renters insurance—and for good reason. A quality renters insurance policy can help to protect a tenant’s personal belongings in the event that they are lost or damaged. In many cases, renters insurance policies also include a basic level of personal liability protection for added coverage and peace of mind.
If you’re looking to rent in the near future or if you’re currently renting without this coverage, now is a great time to consider shopping for a renters insurance policy.
Personal Property Protection
One of the main components of a renters insurance policy is personal property protection, which is designed to provide you with reimbursement from your insurance company if any of your personal belongings inside your rental unit are lost, stolen, or damaged. For example, if there is a fire in a neighboring apartment and some of your personal items are damaged by smoke, your renters insurance policy can kick in and provide you with the reimbursement you need to replace those items.
Property protection can vary from one policy to the next, but most policies will provide coverage for items lost due to a disaster (such as a fire or water damage) or theft.
Personal Liability Protection
In addition to personal property protection, most renters insurance policies also include personal liability protection. The purpose of this coverage is to provide you with some legal protection in the event that someone is injured inside your rental unit and tries to hold you accountable.
For example, if you throw a party in your apartment and somebody slips on your kitchen floor, your renters insurance policy may provide you with liability protection if you are sued for the person’s medical bills and related expenses. This coverage can give you added peace of mind as a tenant.
Most tenants can find renters coverage for as little as $100-$200 per year, depending on your location and desired level of coverage. When you think about all that a renters insurance policy can protect, that’s very little cost for a lot of protection. If you don’t already have renters insurance, now is a good time to secure a policy for your added peace of mind. Contact Shield Property Management in Scottsdale for more information.Contact us