Kentwood Real Estate City Properties
SHERRI WHEELER, Kentwood Real Estate City PropertiesPhone: (303) 345-3303
Email: [email protected]

Five Fundamental Reasons Tenants Should Have Renters' Insurance

by SHERRI WHEELER 02/02/2020

Image by edar from Pixabay

There are many reasons people choose to rent. There are fewer responsibilities, it doesn't take saving up a large down payment, maintenance is likely taken care of and there are no real estate taxes and no homeowners' insurance to pay. That doesn't mean, however, you shouldn't carry insurance. If you rent a home, apartment or condo, there are five fundamental reasons you should carry renters' insurance.

You Are Not Covered By Your Landlord's Insurance

Some tenants make the mistake of thinking in case of a hurricane, flood, storm or even theft, they will be covered by their landlord's insurance. While it is true your landlord probably carries insurance, it likely only covers the structure and their property and losses, not yours.

It Protects Your Personal Property

Renters often feel like they have fewer personal possessions than homeowners. This may be true in that renters often don't need to buy major appliances, lawn care equipment, and other items. When tenants begin to take inventory, however, many are surprised at how expensive it would be to replace what they do own. Replacing furniture, beds and bedding, kitchenware, clothing, and electronics will likely run into the thousands of dollars or more. Renters insurance can help you get a fresh start following a covered calamity.

Renters Insurance Covers You Against Liability Claims

Renters may not be aware that they can be held liable should a friend, family member or even a delivery person should get injured while on or in their rented space. This can be financially devastating, especially when we are having more products delivered to our homes than ever, including food. Renters insurance can cover you against financial claims against you, including settlements and legal fees.

It May Cover Your Possessions When Traveling

An unexpected benefit of renters insurance is, depending on the specifics of the policy, your personal property can be covered while traveling. This may include in your car, while in your luggage or a hotel room. When one considers the expensive electronics many of us travel with these days, this can be an extremely valuable feature.

Renters Insurance is Generally Inexpensive

The cost of a renters' insurance policy may be as little as 10% of that of a traditional homeowners' insurance policy. Renters insurance can be so inexpensive and provide so much peace of mind it should absolutely be considered by those choosing to rent.

Renting instead of buying does not necessarily relieve you of all the responsibilities of homeownership. You are still responsible for your personal possessions and can be held liable in case of an on-site injury.

About the Author
Author

SHERRI WHEELER

Sherri Wheeler is a full time professional broker with a reputation for her commitment to high standards, professional ethics, diligence and results. She represents buyers and sellers throughout the Denver Metro area at every price range. Sherri is also a Relocation Specialist.

Outstanding client service is the hallmark of Sherri's transactions. She pays meticulous attention to each detail and demands perfection at every phase of the transaction. Her experience and market knowledge are invaluable whether representing a buyer or a seller. When preparing a property for sale, Sherri brings sophisticated marketing strategies to the table and executes flawlessly. Her skills at negotiation are without equal. Clients are so impressed and pleased with Sherri that most of her business is based on referrals and repeat clients.

The purchase or sale of a home is one of life's most momentous events. Sherri understands her job is to help her client's dreams come true. She is driven to exceed their expectations and the client's needs always come first.

Sherri's genuine desire to be involved in the Denver community is most evident through her ongoing commitments to the Colorado Association of Realtors, National Association of Realtors, Denver Chamber of Commerce, Downtown Denver Partnership, Habitat for Humanity Judi's House, and especially close to her heart is Kids in Need of Dentistry.Sherri Wheeler is a full time professional broker with a reputation for her commitment to high standards, professional ethics, diligence and results. She represents buyers and sellers throughout the Denver Metro area at every price range.