Finding a house to rent can be a challenge, especially when you have to find one in a certain area or you need to remain within a certain budget. Making the right choices about your rental is important because you may have to live there for several years. One of the most important aspects of renting a house is purchasing a renter's insurance policy. While having renter's insurance is not mandatory like homeowner's insurance, making sure you are covered is a good idea to avoid some expensive circumstances.
Protecting Yourself From Lawsuits
When you have renter's insurance, you have a safety net from unexpected circumstances that could turn into a lawsuit. For example, if you have friends over for an evening of fun watching movies and your dog bites one of them, you are the one responsible for the medical bills associated with the bite. If one of your friends falls down the stairs because of a step being loose, you could be responsible for the injuries the fall causes. If you have renter's insurance and you have added liability coverage to your policy, it will pay for the medical bills for someone hurt on the property you are renting. Many people renting a home may think their landlord's property insurance would cover incidents like a dog bite or fall. However, as long as you live on the property and pay rent, it is essentially your property and your responsibility.
Damage Caused By Floods And Other Natural Disasters
Renter's insurance will not cover damage caused by natural disasters like floods. Some homeowner's polices are like that as well. If you are renting a house in an area that is prone to flooding, making sure you have special coverage added to your renter's insurance is important. If you don't have additional coverage for disasters, the cost of damages caused by a flood or other natural disaster will be your responsibility.
Covering Expensive Property Like Antiques
If you own antiques that have a high value, you will need to have a separate renter's insurance policy for them. Remember to make a list of all the antiques you own so if something happens to any of them, you will have documented details about them. Contact an appraiser to visit you and provide an accurate value for each of your antiques. In this way, you can have the value of your antiques documented legally.
Finding a place to live can be stressful and you may have a lot on your mind. However, taking the time to obtain renter's insurance once you do find a house is a good idea for having peace of mind. For more information, talk to a business like Donna Lasater Real Estate & Property Management.