What Are the Risks of Not Having Renters Insurance?

Everyone knows that it’s important to have car insurance, health insurance, and life insurance. But what about renters insurance? Many people don’t even know that renters insurance exists, but it can be one of the most important forms of protection for you and your belongings.

Here are just a few of the risks of not having renters insurance.

1. Your Landlord’s Insurance Does Not Cover You

As a renter, you might think that your landlord’s insurance policy will cover your belongings in the event of a fire, theft, or other disasters. However, this is not the case. Landlord insurance only covers the structure of the rental property itself, not the belongings of the tenants. This means that if a fire destroys your apartment, you will not be compensated for the loss of your belongings unless you have renters insurance.

2. You Could Be Sued for Accidents on Your Property

If someone is injured while they are on your property, you could be held liable. If you don’t have renters insurance, you would have to pay for any medical bills or damages out of your own pocket. Even if the accident was not your fault, you could still be sued and end up having to pay thousands of dollars. Renters insurance can help protect you from these kinds of lawsuits.

3. Your Could be Evicted

Some landlords require their tenants to have renters insurance. If you don’t have it and your landlord finds out, you could be evicted from the rental property. This is especially true if there is any damage to the property that is not covered by your landlord’s insurance.

4. You Could Lose Everything

If you don’t have renters insurance, you could lose everything regardless of much or how little you have. This includes all of your belongings, furniture, clothing, and electronics. If you have renters insurance, you will be compensated as per your policy for any losses that you incur. Anchor Insurance Agency LLP can help you navigate through the process. 

Get Renters Insurance in Plymouth, MN 

As you can see, there are a lot of risks associated with not having renters insurance. If you’re a renter, be sure to get a policy to protect yourself and your belongings. Anchor Insurance Agency LLP in Plymouth, MN can help you find the right policy for your needs. Give us a call today to get started.