Many renters assume that anything and everything to do with the property in which they lease is covered by the insurance of their landlord.
While it’s true that your landlord will have property insurance – it doesn’t cover your personal property.
Wanting to know if renters insurance is worth it? Find out with the Perth property management specialists at Pro Property Group below.
Run the calculations
Let’s start at the very beginning and run some numbers.
Take a moment to calculate the value of your appliances alone.
This is your:
- Fridge
- Washing machine (and maybe dryer)
- Television
- Home desktop and/or personal laptop.
From here, factor in the monetary value of any jewellery and watches you have in your possession.
Determining the cost of these calculations will skyrocket the value of your contents into the thousands of dollars, perhaps even the tens of thousands of dollars territory.
Renters insurance is priceless when it comes to theft and disaster
Are you realistically capable of replacing any and all of the above personal contents in the event of theft of disaster without insurance? Unlikely.
By taking out renters insurance, in the event of theft, flooding, fire or other natural disaster – your personal property is covered.
At just a small upfront cost, you receive sufficient returns in peace of mind alone.
Is there any other benefit stemming from renters insurance?
Yes! There is. What is it?
- If you choose a renters insurance policy that covers accidental negligence, your policy could cover the unfortunate and unexpected.
- For example, let’s say you accidentally leave the kitchen, laundry or bathroom sink to overflow. Oops! You would, naturally, be responsible for the repair costs, however your renters insurance could cover it.
It always pays to look around and seek the right advice.
The final considerations
Finally, let’s summarise the considerations of getting renters insurance.
Here’s a step by step guide to do so:
- Do your research online and via thoughts of friends and family who do or have rented in the past. Remember, with many policies available, this will equate to variations in cost.
- Online comparison sites and calculators are your friends, not your foe.
- Always read the fine print. You don’t want to get into a sticky situation, believing you’re covered when you’re actually not!
- Catalogue your personal possessions in the rental property with photos so you have evidence of the true value of your valuables.
As Perth real estate agency professionals, we have seen firsthand why renters benefit from the peace of mind and coverage afforded by renters insurance.
Need help? You need property management
Whether you’re new to renting or finally seeing the benefits of renters insurance – Pro Property Group are here for you.
We have the tried and tested, comprehensive and DIY property management services to ensure our valued clients (tenants and landlords) have their needs met and expectations exceeded.
Pro Property Group are here to ensure your requests and rights as a tenant are addressed and upheld and you enjoy peace of mind for the term of your lease.