5 Reasons to Have Renters Insurance

5 Reasons to Have Renters Insurance
Renter Insurance

5 Reasons to Have Renters Insurance

You are surely well aware of the phenomena of homeowners’ insurance that covers various expenses and liabilities caused to your house, you, or your guests. But we already know that property rates in Singapore are too high, and not everybody has their own house. That’s why a lot of people live on rent in Singapore. And the number of expats in Singapore is also too high. So what about the coverage for these renters? Will you, as a home renter, have to bear all the expenses caused due to any damages or mishaps? It depends because, for home renters, Singapore offers renters’ insurance.

Renter Insurance

Renters content insurance covers the replacement value (or current estimated depreciated value) of items that are stolen, damaged by fire or in some cases, lost. On the other hand, renters liability insurance protects the renter from paying for an accident that causes loss or damage to an individual or to the property.

Homeowners typically understand the significance of insuring one of the costliest purchases they may ever make. Renters, on the other hand, may not understand the importance and benefits of renters insurances. The four major reasons why renters in Singapore don’t opt for renters’ insurance include lack of knowledge, failure to see the value, don’t look at it as a priority, and costs. If you too find it pointless to buy renters’ insurance, we will help you with the serious benefits of the same.

1.   Non Coverage under Landlords’ Insurance

Some tenants mistakenly think an insurance policy covers them for the house that they live in. The landlord’s insurance only protects the physical structure and any of the landlord’s possessions. If the tenant does not have insurance and there is a fire at the property, the insurance for the house will not cover the tenant’s possessions. In order to cover your belongings and assets, you need a separate insurance policy, that is renters’ insurance. Without this, none of your possessions won’t be looked after financially. So, to avoid any expensive losses or cover those expenses, you need renters’ insurance.

2.   Coverage for Guest Liabilities

Some expenses aren’t covered by any insurance policy, whether it’s your property insurance or landlord’s. A renters’ insurance policy usually includes liability protection. For example, if a guest comes over and slips and falls on the property, most renter’s insurance policies offer liability protection that would cover the tenant for this incident. your policy may cover the cost of the medical and legal bills. In this case, renters liability insurances gives you added protection from potential financial disasters that may otherwise become life-changing scenarios for your finances. The amount of protection will depend on the terms of individual policy.

3.   Protection From Damages You Cause

Apart from covering the impact and damage caused to your guests or their belongings, A renters’ insurance policy also covers the damages you cause, even unintentional ones. If you cause a fire in your rental that spreads to your neighbor’s rental, you may be responsible for the damages they incur unless you have renters liability insurance. In short, renters liability insurance compares to full coverage car insurance as renters liability insurance protects you from most of the damages that you may cause. And this isn’t it. Renters liability insurance also covers you from damages you may inadvertently cause. For instance, you swerve to miss a deer and accidentally hit your neighbor’s car, which is parked on the side of the street. Your insurance policy will also cover the repair or replacement costs of this car.

4.   Protect You From Sudden Situations

A renter’s insurance policy can offer protection if your possessions are lost or damaged by a fire or from wind damage, such as a tree falling on the property, or any other natural calamity. Depending on the policy you choose, you can either receive actual cash value for your possessions or the replacement cost. Replacement cost policies are usually slightly more expensive. By choosing a renter’s policy, you can also be covered if there is a theft or burglary in your house. Again, the amount and type of coverage will depend on the policy and company you opt for.

5.   Additional Protection for Landlord

  1. A renter’s insurance policy is additional protection for your landlord. If there is an accident in your house or if your negligence causes damage to the property, the renter’s insurance policy will be targeted first. This can prevent the landlord from having to file a claim with their insurance company. This way you give double coverage to your landlord, and this will help you in several ways in the long run, especially to occupy the house for an extended tenure.

Although these benefits, you must know that a renter’s insurance policy does not cover everything. You will have to purchase separate insurance for expensive items, such as an engagement ring because a renter’s insurance policy will never cover the full value. So make sure that you get in touch with an experienced and reputed insurance agent to know everything about renters’ insurance and get the right coverage for your belongings as well as the property. Understand everything about the insurance and only then move ahead to buy the best-suited policy.

Accredit Money Lender best in Tampines

In any case, you really need help with your financial budgeting urgently, just approach Accredit Licensed moneylender, and we provide best credit solution for you. Accredit legal moneylender is your trusted moneylender open on Sunday!

Our skillful loan staff will tailor the best loan for you. To give you the best loan service, our staff understands and advises you according to the rules and regulations of moneylending.

Find trusted credit solutions at the following location:

503 Tampines Central 1, #01-315, Singapore 520503. You may also call us at +65 6226 0510.

0/5 (0 Reviews)

Leave a Reply

Your email address will not be published. Required fields are marked *