So you’ve finally moved in and have set up your place as a beautiful and comfortable haven to unwind in after a long day. You’ve decorated your space and are starting to feel settled. Now is the time to stop and reflect. Are your personal and sentimental items protected? What is to guarantee all your cherished belongings will be there in the morning? Unfortunately, fires and break-ins are more common than we’d like to believe. Having Renters Insurance can save you much heartache and financial strain after the fact. Renters’ insurance can cover everything you own within your rented space, even down to the bedding.

1. It Will Cover the Cost of Replacement of Your Belongings When Damaged or Stolen:

While the value of individual items may not amount to much right now, when having to replace multiple items at one go due to vandalism, theft or a fire, the sum total can be staggering, and can potentially leave a gaping hole in your pocket. Having Renters’ insurance will cover unforeseen expenses in regards to fixing or replacing belongings.

2. It Will Provide You and Your guests With Liability Coverage:

There is a common misconception regarding the full extent of the coverage renters insurance offers. The good news is renters insurance does not only cover your expensive items! Third-party liability coverage is one of the lesser-known aspects of renters insurance, but it can account for a lot if you’re ever found responsible for damage to your suite or injury to another person. Forgetting about a bathtub you’re filling is never good news. But when you receive a call from the neighbours downstairs, it’s only bad news. Add that phone call from your angry landlord and you know you will be paying legal fees, as well as a lawyer, for liability charges. 

Liability coverage can also cover you for any injuries that guests may sustain while on your property. Take for example an overstimulated dog.  It may be unaccustomed to a guest you are hosting and unfortunately proceeds to attack your guest. With liability coverage you can be covered for any and all charges in such a circumstance. These costs can include law-suits against you and/or medical bills for your guests. Additionally, any slips, falls or other damages incurred to a third party for the duration of their stay on your property can also be covered.

The refreshing thing about renters insurance is the range of policy options you can choose from. One such option is the highly convenient and reassuring policy of liability coverage that is attached to your person, meaning it follows you wherever you go! It can cover damages incurred by you while you are at a friend’s house. Imagine the sense of security such a policy provides, especially in today’s day and age where law-suits are all the rage.

3. It Can Keep You Afloat When Disaster Strikes

Due to Covid-19 personal finances are suffering now more than ever. Having access to emergency money when disaster hits can simply prove impossible for many. Allow renters insurance to step in and ease the way by covering accommodation costs when your apartment has been deemed unlivable. It can potentially also cover temporary living costs such as cost of travel or food due to the need to relocate. It can provide that much needed support in times of crisis.

 

Payquad’s Ressure tenant insurance allows you to get an insurance quote on the spot in minutes. Check it out here or directly in your resident portal. If your management is not using Payquad yet, let them know about it ASAP 🙂