By: Next Apartment

Renters’ Insurance Isn’t Mandatory, Should You Get it Anyway?

It’s true, renters’ insurance isn’t mandatory. You can rent an apartment without insurance, but it’s an unnecessary risk that can lead to costly expenditures. 

Whether you’re new to renting, or already live in an apartment, it’s important to understand the benefits of having insurance.

All property managers and owners have insurance for the apartment buildings they have; however, this insurance only covers the structural and cosmetic damages to the building. That means their insurance will cover the costs to repair or rebuild your apartment to the way it was when you rented it. It won’t replace your possessions. Replacing anything lost or damaged is the renter’s responsibility.

Regardless of what you do to prevent them, accidents can’t be predicted and can still happen. While renters’ insurance won’t prevent accidents, it helps you recover faster. What if your apartment or any part of the building was to catch fire and you lost some or all your personal possessions? Could you afford to replace them all at once? Renters’ insurance will help replace lost or damaged items, cover medical costs, and compensate for alternate housing when necessary. 

Your renters’ insurance will also cover theft and liability. You may not feel the need to worry about theft while in an apartment building, but it can still happen. Additionally, liability insurance will protect you in the event a guest gets injured in your apartment, or you accidentally cause water damage to a neighbouring suite. These are delicate situations best handled by a trained insurance agent who can provide financial and legal assistance to settle claims. 

Finding renters’ insurance in Sault Ste. Marie is easy. You can expect to pay approximately $20 a month and it can even be bundle with your car insurance. If you don’t already have car insurance, these insurance companies in Sault Ste. Marie can help you acquire the right insurance for your needs: 

While renters’ insurance isn’t mandatory, it’s certainly a wise choice. When you’re looking for your next apartment, check out our listings in Sault Ste. Marie and contact your insurance broker about renters’ insurance.