So you owned a home. For many reason's you have now decided to rent rather than buy another home. You are not alone. Surrey's show that many people are returning to renting. Some are not sure about their job situation and want to be able to move closer to a new job in another area. Others don't want the expense of repairs when something breaks. Some want to be able to move fairly quickly because of problems with neighbors (you know, THOSE neighbors). There are many reasons.
When you owned your home, you had homeowners insurance which covered you for fire, theft, liability, water leaks and damage to your home. Now that you are renting, you may think you don't need coverage for those same things. The landlord has that responsibility, right?
What if the dwelling you are renting, be it a house, apartment or condo, was destroyed or damage in a fire? What if there was a break in and your things were stolen? Would you have the money, right now, to replace your clothing, TV, plates, cookware, stereo, child's toys, furniture and all of your other belongings? Most of us would not. The landlords insurance policy does not cover any losses to your stuff, or liability claims against you. You get to pay that.
Would you have $1,000 in the bank or could you get a family member to loan it to you? Many of us could. Well, if you had renters insurance, you could pay your deductible with that $1,000 and begin replacing your stuff. Renters insurance would also help you with expenses while you find another place to rent, like paying for a hotel room. What if you had a claim filed against you because someone came to visit you and got hurt? Renters insurance could help you there to.
If you are renting, getting renters insurance is an affordable way to protect your things.