Many renters wrongly assume that their landlord’s insurance policy will cover the cost of damaged property in the event of an emergency. Unfortunately, this is almost never the case. While most homeowners view insurance as a necessity, less than half of American tenants have a renter’s insurance policy. Some feel like they don’t want to add to their monthly expenses, and others feel like their possessions aren’t worth enough to consider paying for insurance. However, as the average wage earner’s disposable income declines, it isn’t always easy to find the available funds needed to replace the things you use every day. If you become the victim of a fire, flood, hurricane or other natural disaster, all your items would be gone all at once. Getting back on your feet after such a financially devastating blow might be more difficult than expected. While no one wants to think that terrible events like this will happen to them, the truth is that fires, floods and earthquakes occur frequently all over the world and it’s important to be prepared. If you’ve been sitting on the fence, wondering if renter’s insurance is necessary for your family, consider the following.
Replacing Your Property Will Cost More Than You Think
Some people only have a few expensive items in mind when they think about their personal belongings. Your laptop, television and living room couch may take up a significant percentage of your assets, but you’d be surprised how much it would cost to replace the little things. If everything in your home right now were destroyed, how much would it cost to replace everything? When you add up the cost of food, clothing, children’s toys, video game systems, linens and furniture you may be surprised to find that you would need to pay an entire year’s salary to bounce back from such a loss. Having renter’s insurance will ensure that in the case of an emergency, you will be reimbursed for those items so you can get what your family needs right away. In many cases, your policy might also pay for hotel stays, food and other costs associated with your rental being repaired.
Many Renter’s Policies Also Cover Liability
Another great benefit of renter’s insurance is liability coverage. If a guest or maintenance service provider is injured, they may have expensive medical bills and be forced into opening a lawsuit to be reimbursed. Not all renter’s insurance policies will have this, but many do. Be sure to go over your options when searching for the policy that best fits your needs.
Extremely Affordable When Compared to Other Forms of Insurance
Life, car and medical insurance are an enormous expense for the average family. When compared to these policies, renter’s insurance is a drop in the bucket. Most plans will only cost a few hundred dollars a year, often less than $20 per month. For such low rates, it’s well worth it to have a great policy in place just in case. It won’t be an expensive investment, but if you ever find yourself in a disastrous situation, it could save you tens of thousands in unnecessary costs.
Are You Looking for a Premium Rental Property in Atlanta, Georgia? Call DKRentals.net Today
Is it almost time to renew your lease? Are you about to move to the Atlanta area and want to find the perfect new home for your family? At DKRentals.net, we work with the best property owners in Georgia. Our homes are beautiful, spacious and are in family friendly neighborhoods across Atlanta. We proudly provide property management services for renters and real estate owners in Atlanta, Roswell, Marietta, Sandy Springs, Johns Creek, College Park and all other surrounding Metro Atlanta communities. Contact our friendly staff today to discuss your needs or to schedule an appointment.
