No one is perfect, and sometimes—well sometimes we have accidents. Whether we’ve left a candle burning too close to the curtains or maintenance accidentally punctured the drainage pipe underneath the kitchen sink, there’s coverage for that.
Here are five common household accidents that are covered under our renter’s insurance policies.
Renters Insurance and You
As found by the non-profit, Insurance Information Institute (III), only 40 percent of renters said they have renter’s insurance. On average, renter’s insurance costs $188 per year, at least as of 2013. Divided between 12 months, that comes to just over $15 a month. If we’re willing to spend almost $4 on a Grande cafe latte at Starbucks every day before work ($4 X 5 = $20) costing us $20 a week, we can afford to spend $15 a month on insurance coverage, no?
Just for a minute, think about everything you have sitting at home in your apartment. If there was a fire, how much money would you lose to replace your furniture, clothes, gadgets and other incidentals? This isn’t something we think about very often. We assume that once we’ve locked our door and left for the day that our stuff is going to be there when we get back. That’s not always the case.
There are five common accidents that occur in the home that can wreak total havoc on our finances if we don’t have renter’s insurance to back us up.
House fire
According to the National Fire Protection Association (NFPA) 16 percent of home-fire deaths occur in apartment complexes and other large housing facilities. What is the leading cause of a house fire? Cooking tools and appliances. Think about this: you’re preparing a pasta dinner at the stove, and your timer goes off letting you know that your laundry is done. Because the laundry room is on the first floor of your apartment building, you’re going to have to leave your apartment for a few minutes to collect your things. And because it’s only for a few minutes, you think living your stove on is okay.
Unfortunately for you, you didn’t realize that you left your oven mitt too close to the burner. In the few minutes it took you to grab your laundry, a kitchen fire erupted. Before you’re even able to get back into your apartment the fire alarm has gone off, the sprinkler system turns on, and your complex’s main fire alarm system switches on, sending you and all of your complex comrades out into the street.
So now, not only is your kitchen wrecked and appliances ruined, all of your belongings are soaked through. Will your renter’s insurance cover the damages? Yes. Renters insurance covers fire damage after you’ve made your claim and paid your deductible.
Dog bite
Dogs don’t bite because of a vicious nature. Two main reasons dogs bite is to protect their owner or out of fear. Most apartment complexes have a list of dog breeds they are and aren’t allowed on the complex property, and fortunately for you, your pooch made the safe list. Unfortunately for you, the long drive to the new place has made your dog a little nervous. As one of your friends goes to take him out of his crate inside the new apartment, your dog nips at him. Your so-called friend swears up and down that they’ll need to be treated for the bite (it didn’t even break the skin) and you comply to their demands. Will renter’s insurance cover your friend’s medical bill? Yes. A dog bite will fall under the liability coverage you have under your renter’s insurance umbrella.
Wonky Ceiling Fans
The only apartment you could afford might have some outdate looking appliances, but you’ve determined the location is worth it. One of your favorite things about the place was the ceiling fan in the living the room. As you doze on the couch with the fan on, it suddenly comes crashing down onto your glass coffee table, shattering it. You are so grateful you decided not to lie directly under it. All the same, some glass hit you and scratched you up a bit. Will your renter’s insurance cover the damages? Yes, and so will your landlord’s insurance. Discuss it with your landlord first and use their insurance as the primary form of insurance when making the claim.
Injured third party
Your Dad’s agreed to help you move your mattress up the stairs in your two-floor apartment when he slips on the second-to-last stair and falls all the way down, mattress tumbling after him. You rush him to the ER where they declare he’s going to be just fine. Similar to the dog bite scenario, your renter’s liability coverage will cover the cost of the doctor’s visit and any impending visits once you have paid your deductible.
Renters insurance doesn’t only cover burglaries. It also covers injuries, fire damage, water damage smoke damage and vandalism. And with sites making it easy to find renters insurance online, not having it just seems silly. Don’t be a noob, protect you and yours with renter’s insurance.
Renters insurance typically covers the cost of replacing personal items that are stolen, damaged, or destroyed. You may think that the landlord’s insurance protects your belongings, but you need to protect yourself in the event of fire, flood, or theft. Typically the landlord only has insurance to protect the property itself. To protect your belongings, you may need to purchase renters insurance. More and more landlords are requiring renters insurance as a condition to rent. Everyone renting an apartment or a house should have renters insurance, and they should purchase that insurance from a reputable company. Get more information at http://directinsurancenetwork.com/personal-insurance/renters-insurance, about renters insurance here.