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Why is Renter’s Insurance an Important Investment?

If you’re living in an apartment rental, the concept of renter’s insurance is likely not that foreign to you.  You’ve probably been advised by parents, friends, and potentially even your landlord about the many benefits of this small investment.  There is also probably a big part of you that thinks, “I have no need to pay for renter’s insurance.  That stuff only happens to other people.”  Let me stop you right there.  Take it from somebody that has no involvement in your personal life…renter’s insurance is a very good idea, and I’ll happily explain why.

1. Your Personal Items Have Serious Value

If you were to take a quick walk through your apartment rental, you might not think too much about how valuable your items are.  Second-hand furniture and pots and pans from Walmart don’t exactly conjure visions of living large, but take a second to look deeper.  Your renter’s insurance policy will cover much more than just your furniture, electronics, and other big-ticket items.  In fact, having a policy in place could mean the replacement of everything from your clothing, to your toiletries, to the food inside of your refrigerator!     You may be surprised to know that the average 2-bedroom apartment has approximately $30,000 worth of replaceable items.

2. It Protects You from Being Held Liable by Visitors

renter's insuranceWhen you are leasing an apartment rental, you may not be aware of the fact that you are fully responsible for what happens on the premises while you are the tenant.  Many renters assume that liability rests with the landlord or property management team, but this is generally not the case.  Of course your landlord will have his/her own policy in place in case of an accident, but you are also at risk of legal backlash for incidents occurring in your space.  For example, a slip and fall in your kitchen or a friendly nip from Fido could end up costing you big time if you aren’t prepared.

3. Your Landlord has Minimal Responsibility

The landlord of your apartment rental has gone to great lengths to cover his/her own behind in the event of a freak accident.  In other words, if the dishwasher floods your unit, your landlord knows that the replacement of the appliance and any flooring or drywall that is damaged because of it is covered by their insurance policy.  They are not, however, going to necessarily consider the fact that your $400 rug was also ruined in the process.  So what now?  If you don’t have renter’s insurance, the replacement of the rug will rest solely on you.

4. Consider the Cost to Your Neighbors

When you’re living in an apartment rental, damages to your unit can greatly affect the building as a whole.  Let’s go back to the dishwasher example.  Water can be an extremely damaging force.  It travels quickly and easily under walls and through floor boards.  Imagine what your neighbor’s reaction might be if they came home to find a huge leak in the ceiling right over their brand new couch!  My assumption is that they would be none too happy.  This is where having renter’s insurance can come in very handy.  Renter’s insurance will not only cover your personal belongings in the event of an accident or disaster, but it will also cover those of your neighbors.  If your neighbor’s items are damaged due to negligence or accident on your part, it will readily reimburse them as well, leaving you looking like a shining star!

5. It Helps You to Rest Easy

A big disaster within your apartment rental could, unfortunately, leave the space inhabitable for any amount of time.  If you’re not quite ready to move in with a family member, renter’s insurance has your back here too.  Many policies will offer reimbursement if you are forced from your space and required to invest money on a hotel, motel, or other alternative living arrangement.

6. It’s Ridiculously Cheap

For the amount of coverage you could potentially get for your apartment rental, the cost of renter’s insurance is ridiculously low.  Most policies will run anywhere from $15-$25 per month.  That’s likely less than you spend on pet food, cleaning supplies, or an evening out with friends and the payback is pretty darn big!  After all, you can’t put a price tag on peace of mind.

Searching for an Apartment Rental in the Hattiesburg Area?

Now that you are fully aware of the importance of renter’s insurance, it’s time to find the perfect apartment rental to insure!  At Hattiesburg Apartments, we’ve teamed up with 17 of Hattiesburg’s top rental communities to offer our clients access to some of the best apartments around.  With properties in every budget range, offering a variety of amenities, and in some of the best locations in the area, we know we have the right home for you!  Take a look through our list of properties today and contact us to begin your search!

Posted by: southgaterealtyllc on July 12, 2018
Posted in: General