Whether you’re renting a home or an apartment in St. Louis, you know that your lease agreement includes several requirements and expectations.
One of the things you’ll need to do is to purchase rental insurance.
A lot of landlords and apartment communities are requiring this now, so it shouldn’t come as much of a shock to you. But, we know that not everyone understands the benefits nor the purpose of renter’s insurance, so we wanted to take some time to talk about it. It’s often overlooked or deemed unnecessary by residents, but rental insurance provides a safety net that can save you from financial distress in the case of unexpected events such as theft, fire, or water damage.
Why Rental Insurance Matters
The value of renter’s insurance is clear when you consider the potential costs of replacing belongings or defending yourself against liability claims without it.
Here’s why rental insurance is actually good for you:
- Protection of Personal Property
Your landlord’s insurance typically covers the building itself, but not your belongings inside. Rental insurance can protect your personal property against losses from theft, fire, vandalism, and numerous weather-related damages. Imagine the cost of replacing your electronics, clothes, furniture, and other personal items out-of-pocket.
- Liability Coverage
Accidents happen, and sometimes those accidents can cause damage to someone else’s property or even bodily injury. Rental insurance can provide liability coverage, protecting you from out-of-pocket expenses if you are found legally responsible for damage or injury to others in your rented home or elsewhere. What if you accidentally leave the stove on and start a kitchen fire? Or you leave the bathtub running, resulting in a flood? You cannot expect your landlord to pay for the damage that results from something that was your fault.
- Additional Living Expenses
Should your rental become uninhabitable due to covered risks like fire or severe storm damage, your rental insurance can help cover the costs associated with living elsewhere temporarily, such as hotel bills and increased meal costs.
Remember, not all policies are created equal, and coverage limits, deductibles, and types of covered perils will vary. It’s vital to work closely with an insurance agent to tailor a policy that fits your needs and budget. Typically, if you bundle your rental insurance with your auto insurance, you can save a lot of money. Most insurance policies that cover your rental property are affordable, anyway.
Peace of Mind with the Deca Property Management Resident Benefit Package
Luckily, you don’t have to spend a lot of time looking for the best and most cost-effective rental insurance policy. We provide that to our residents through our Resident Benefit Package.
We’ve secured the industry-leading value policy from an A-rated carrier. You’ll benefit by being added to our master policy so all of your insurance requirements in the lease are met. You don’t pay anything extra for the insurance outside of the monthly cost of our full package.
If you want a retail individual policy, you can still get that at any time.
Renting a home in St. Louis should be an enjoyable experience, free from the worries of potential financial loss due to unforeseen events. Rental insurance offers a layer of protection that gives you much-needed peace of mind.
Don’t rent without insurance. If you’d like to talk about this further, we’d welcome the discussion. Please contact us at Deca Property Management.
