Renters insurance can be a very important type of financial protection for those who lease a home. It provides peace of mind for those that may experience a fire, theft, or vandalism. When it comes to protecting your belongings, you need to have your own insurance plan. It is not advisable to count on the coverage provided by the townhome association or renters association. In short, if you rent a home within a townhome development, you still need renters insurance.
Why Is It So Valuable?
Renters insurance provides two specific types of coverage for policyholders. The first is liability insurance. If someone were to visit your home and be hurt, such as by falling or having a dog bite them, you could be held liable for those medical bills and other losses. A single instance like this can create thousands of dollars in medical bills.
The second component of renters insurance is property coverage. The townhome association can have property insurance for common areas. They may also have coverage for the structure of the building if they own it. However, their coverage does not include your belongings. If a fire were to occur, for example, the townhome association’s insurance would provide financial compensation for the damage to the townhome itself, but it would not cover any of your belongings. This is true no matter who causes the fire and no matter who is at fault for it.
Without this type of financial protection, you could suffer a significant amount of loss. More so, many townhome associations should require that you maintain this type of coverage to rent the property. It simply provides for significant compensation and tends to be affordable. This type of insurance covers much more, too, including theft, loss of belongings due to storms, and vandalism.
If you rent a townhome, turn to renters insurance for coverage on it. Most policies are inexpensive and can be a part of a bundled plan that includes other coverage you need such as health insurance, life insurance, and car insurance. It may only take a few minutes to get this type of insurance in place, but it can provide peace of mind to you once it is there.
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