Life consistently teaches us to expect the unexpected. Yet, 37% of Canadians do not put sufficient money aside to cover emergencies.
This leaves them vulnerable, especially those who rent homes without the proper insurance coverage. When you sign a lease, you should look to insure your property right away.
Read on to learn the benefits of renter's insurance.
Replacement of Personal Items
Renter's insurance protects your personal items during certain misfortunate events. Theft, vandalism, fire damage, and storms can destroy your property in the blink of an eye.
Even if you only own the basics, the cost of losing the things you need can add up. Couches, televisions, beds, appliances, and other items you use daily are each expensive on their own.
Needing to buy just one item can put you out financially if you live paycheck to paycheck. A solid policy removes some of the stress of replacing these items.
This type of policy actually protects your personal belongings, even when you travel with them! So if something of value gets damaged on vacation, your policy may still cover it.
Legal Protection
When signing your lease, you often take on the liability of people entering the property. This means that if somebody slips on ice or falls in your apartment, their medical bills fall on you.
They can even sue you for negligence. If this happens, you will learn the importance of renter's insurance.
One trip to the emergency room costs between $250 and $385 out of pocket. Legal fees can cost you more than that per hour without a policy to help you out.
Emergency Living Expenses
One of the big benefits of renter's insurance is covering your living expenses in the case of an emergency. Your renter's insurance in St. Albert will not cover your inability to pay rent during financial struggles.
It will, however, safeguard you if certain disasters cause you to leave your property and live elsewhere during its repair. Paying for two properties immediately would put most people into serious financial distress.
Many Landlords Require Renter's Insurance
Most property managers require their tenants to hold a basic renter's insurance policy. They may not let you into the unit without one.
You may ask why since it protects you and your belongings. This coverage also helps the landlord ensure that their tenants do not fall into financial distress that prevents them from paying their rent.
For instance, a fire may require you to rent another home. The property manager knows that you will prioritize the place you currently live in if you cannot afford the units, and they may lose out on money. Your insurance team will help you prevent this dilemma.
Enjoy the Benefits of Renter's Insurance
You might never need to use your policy. Even in this instance, you can enjoy the benefits of renter's insurance.
Every day, you can breathe easy knowing that an impending storm or the possibility of theft will not leave you with nothing because of your insurance policy.
At Grandin Agencies, we work diligently to protect our valued customers. Call us to set up a policy and protect your assets!