Five Reasons Renters Need Insurance

by Niz Brown 12/01/2019

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

Niz Brown

Born in San Pedro, California, as a first generation Croatian, I graduated from California State University at Long Beach with a degree in Mathematics and Chemistry and then earned a teaching credential from San Francisco State University. In 1960 I married native San Franciscan Jim Brown. Jim, was a high school teacher before becoming the owner/chef of La Lanterna Restaurant in Kentfield from 1985-1992. He is now retired. I combined substitute teaching in Marin County with the rearing of our four children, all of whom are grown and have settled in Marin. I became intrigued with the world of homes when we acted as the general contractors in building our own home in Woodacre and another home in the San Geronimo Valley. I began to work the carpet business, and became licensed to sell real estate in 1976. I was an associate realtor with other companies before becoming an independent broker and opening my own office in downtown Larkspur in 1991.

Decades of experience in real estate, plus a passion for details, executed in a creative manner allows me to serve in an exceptional manner. I advise my clients on the preparation of a property for sale and use my skills to assist sellers in arranging for staging, clean up, etc. Then I begin the marketing by having the home professionally photographed I create a property website and create fliers and print advertising. The MLS places the listing on all media site. Then when a offer comes in, the negotiation skills and attention to the details of the transaction take over. Other agents often say "you have the nicest listings". I care deeply about the quality of service I provide. When it comes to representing buyers I am patient and tenacious. I am just as excited as the buyer when we find the right home. I love my job!

I network with agents from diverse brokerages. I operate a "bus tour" with 25 professionals from 15 different brokerages. Operating my bus tour is my way of establishing close relationships with colleagues and gives me the opportunity to serve more effectively. Real estate is a unique community of competitors who work together with love and respect and cooperate to serve our clients.

I have developed a passion for photography and painting larger-than-life images of flowers. I am a signature member of the National Watercolor Association. At close of escrow each of my clients is given a choice of one of my prints for their home.