5 Reasons You Need Renter’s Insurance

 

You live in your own place but it is not your property, you are renting it. And much like a home owner is insured with home insurance you would like the same cover, so why not consider renter’s insurance.

If you’re renting an apartment, house or a duplex your personal property, belongings and certain liabilities, are covered only through a renter’s insurance policy.

And as much as you may be living in someone else’s property and renting it out their landlord’s insurance covers the structure itself and the grounds, but not your belongings.

Your personal property can quickly add up to a lot more than you realise and even a lot more than you’d want to pay to replace everything. Here are 5 reasons why you should obtain Renter’s insurance.

  1. Renter’s insurance covers you from loss of personal property from clothes, jewellery, furniture, electronics, computer and luggage whether due to theft, fire or lightning, vandalism or damage from water to name a few.
  1. Do not be fearful of leaving your apartment because you’re afraid someone might break in and take your belongings. As renter’s insurance covers your belongings when travelling. Your possessions are covered from loss due to theft.
  1. Renters insurance is more than relevant in South Africa (SA) since accommodation rental is widespread.
  1. Looking at the crime stats in particular with house robberies you cannot help but realise that to lose your hard earned properties is always a possibility.
  1. Although SA does not have too many reported natural disasters, however, man-made disasters are a usual occurrence and can catch you off guard if your belongings are not insured.

Lastly be sure you understand what your policy covers and ask your agent about available discounts, deductibles and coverage limits.

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