Many people nowadays live in rented apartments or houses because it is the easiest way to start independence from parents and the rest of the family and in general, the amount of rent is more affordable than buying a house or apartment in installments. Everyone has their own reasons for deciding on such steps, but it is important to know that even rented life brings rights and obligations for both the owner of the property and the one who rents it to live there.
People who live this way have a variety of experiences, from the best to the worst, for a variety of reasons. Sometimes it is bad landlords who do not fulfill their obligations under the contract, who lie about the conditions in the home, are not responsible to the tenants, and still want the rent to be paid on time. On the other hand, there are tenants who are horrible and who leave the rented house in a disgusting state, which requires a complete renovation after that.
Fortunately, nowadays, both parties easily regulate these aspects, including legal entities and insurance companies throughout the process. Some developments can not be influenced, so many landlords and tenants choose to use insurance for the house or apartment, as well as furniture, but also for personal safety on both sides.
If you want to know how to get this type of insurance, visit https://apollocover.com/personal-insurance/renters-insurance/.
You are probably already wondering if there are advantages to using this type of policy if you rent an apartment yourself or want to go and live in a rented house. Of course, there are benefits no matter which stakeholder you are, so in the continuation of this article we will explain a few of them:
1. Covers a lot of unforeseen expenses
Technical appliances are prone to malfunction, even when handled properly. The same can happen with the boiler, but also with any piece of furniture inside the apartment. By mutual agreement or individually, these things can be regulated. The tenant can also insure personal items against damage and loss. In a perfect scenario, it works flawlessly for years and does not require any repairs or interventions, but we know that the reality is different and that even disasters like a small fire or a flood from the toilet can happen. It is therefore important to ensure both the tenant and the landlord, so as not to incur huge costs.
2. It is not expensive and you can afford it
Again, no matter what stakeholder you are in the rental process, this type of insurance is not a big expense at all and covers a lot of potential damages and even disasters. Its price is quite small compared to how much certain damages cost in the home. As the owner of the apartment, you have the obligation to hand it over in a usable condition, but also to cover the damages due to old age and wear and tear. Other responsibilities are assumed by the person living there if they occur due to negligence. Many are reluctant to pay for something that is unlikely to happen, but if it does, no matter how small the chance, it is a serious expense for both parties. Therefore, even a small amount per month or per year should not be a problem to cover.
3. When is renters insurance needed?
You are not legally obligated to do so, but it can happen that the real estate agent asks you to buy insurance to protect yourself from the risks that come with each property that is issued and to have control over the costs of even the slightest damage. Sometimes the person who owns the apartment can ask you to do so or offer to sign a joint policy that covers many aspects of owning and living in that apartment or house.
4. The list of damages is long
You, by yourself, can not imagine the damage that can happen in a rented apartment until you start living there and feel or see it. For example, damage can occur if a vehicle hits a wall or protective fence, if a plane or other object falls directly on the property, an explosion in the apartment, an explosion outside that damaged the apartment, if it is hit with eggs or balloons during a protest. paint, if there was a theft, if water leaked, if due to poor quality of the building something collapsed by itself … Of course, this list is much longer, for example, if someone throws an unextinguished cigarette in front of your door if due to negligence a third person damages something that belongs to you as a tenant, but also unextinguished cigarette that neither you nor the landlord can influence. We would go on, but we believe that these situations are enough to convince you how important such a policy is.
Of course, your negligence, such as a forgotten stove or something you could have consciously prevented, does not make the list.
5. For personal safety and peace of mind
Surely you would sleep peacefully knowing that even with the slightest damage, there is an option to have it fixed and reimbursed without having to incur large additional costs around it. The most important thing when living in a rented apartment is to be calm about it. The same goes for the owner, who should sleep peacefully even though a person they do not really know or know only a little bit, lives on their property.
Final opinion on this topic
As you can see for yourself, there are a huge number of unforeseen situations that can be detrimental to both your property and your personal belongings. No matter what role you are in, you need to at least consider using renters insurance. We have listed some key situations and described all the possible benefits of doing so. It is up to you to make the final decision, taking into account all the potential risks and dangers, especially those that are difficult to happen.