One of the reasons that many people prefer to rent instead of own is worry. Or rather, lack of worry, Since they do not own the property, they don’t have to worry about certain responsibilities such as everyday maintenance, repairs, and property taxes. Yet, one area of responsibility that many apartment residents do not think about is insurance.
While they may believe that the property owner or management firm’s insurance coverage also applies to them, that’s often not the case.
Below we’ll explain why it’s important to have renters insurance for your Philadelphia apartment!
1. Renter’s Insurance May Be A Lease Requirement
The top reason to purchase a renter’s insurance policy for your apartment is that it may be a requirement. Many leases include a policy that requires all residents to have a current renter’s insurance plan to maintain their residency. And new applicants must show proof of a current renter’s insurance plan to be considered for eligibility.
These requirements are in place because the typical insurance plan for a property manager or management firm only protects the building. In the event of an emergency like a fire or flood, the property owner would be compensated for damages to their property.
However, these policies do not cover the losses of the residents. So, if a devastating emergency impacts the apartment building, the property owner’s insurance policy does reimburse the residents for loss of or damage to their personal belongings.
To safeguard their residents, property owners or management firms make renter’s insurance a requirement of their leases.
2. Renter’s Insurance Compensates You For Losses
As we mentioned above, property owners want to help safeguard their residents from any potential losses. To do this, they require their residents to purchase a renter’s insurance policy. Unlike the property’s owner’s insurance policy, a renter’s insurance policy covers a resident’s personal possessions.
With a valid renter’s insurance policy, a resident who loses their furniture, clothes, and other valuables to fire, flooding, theft, or other devastating situation, will be compensated for their loss.
Some renter’s insurance policies even go beyond covering possessions within the four walls of the apartment. There are levels of renter’s insurance that also compensate residents for loss or theft that occurs on the apartment community’s property. For example, if a vehicle in the parking lot is damaged during an emergency event, the policy may cover any repairs or replacement. By purchasing renter’s insurance, residents safeguard their valuables.
3. Renter’s Insurance Protects You From Liability
Another reason to purchase renter’s insurance goes beyond protecting personal belongings. Renter’s insurance also protects residents from liability. Should a guest or visitor incur an injury in a resident’s apartment, the renter’s insurance policy guards them against the threat of liability.
Without renter’s insurance, a resident may be responsible for covering the injured party’s legal and medical payments and possibly compensate them for any lost revenue. With renter’s insurance, residents can enjoy peace of mind when it comes to any potential liabilities.
4. Renter’s Insurance Is Very Affordable
With so many great benefits, it’s surprising how many current apartment residents do not have a renter’s insurance policy. Yet, the reason they provide for their decision is not surprising: cost.
This is unfortunate, as renter’s insurance is actually quite affordable for most households. In fact, there are providers who offer renter’s insurance policies that start in the $100 range. Many of these policies are also payable in monthly installments, too! Best of all, many insurance providers allow their clients to bundle a renter’s insurance policy with their existing insurance policies. So, if a resident has a vehicle insurance policy with a provider, they can bundle a renter’s insurance policy with it to enjoy discounted pricing.
5. Renter’s Insurance Is A Wise Investment
Based on the reasons listed above, we hope that you’re convinced that a renter’s insurance policy is a wise investment. When your renter’s insurance is in place, be sure to consider Reinhold Residential properties for your next home! To learn more about our properties located in Philadelphia, its suburbs, or Pittsburgh, please speak to one of our leasing specialists!