Landlords are typically responsible for a rental property’s structure and fittings, but that doesn’t mean they have to account for their tenant’s personal possessions that get stolen or damaged by weather events. So, how can you protect your things? Purchasing renter’s insurance is the best way to cover the items inside your rental property.
Rather than stressing whether you can afford to repurchase your personal property out of pocket, renter’s insurance covers all or part of the costs. Here, we delve into commonly covered events by renter’s insurance to highlight why this product can make a big difference to your comfort and security as a tenant.
Theft and break-ins
While cities like Adelaide are incredibly safe overall, the unfortunate reality is that break-ins still occur. If your possessions go missing as a tenant and you don’t have renter’s insurance, you’re usually solely responsible for covering the entire cost of replacing your items – an expense that many can’t afford.
Fortunately, if you protect yourself with insurance, you’ll have the opportunity to put in a claim that sees you recoup much of the costs involved. However, it’s always wise to keep expensive valuables out of sight while double-checking if your doors and windows are locked when you leave home for the day.
Storms and natural disasters
It doesn’t matter where you live in Australia, there’s always the risk of extreme weather impacting your living situation. While landlords require insurance to protect themselves should the property’s structure become damaged, you’ll need renter’s insurance to cover events like bushfires, floods and falling trees that impact your personal belongings.
It’s easy to imagine how a flash flooding event could sweep through your neighbourhood. If you decide not to purchase renter’s insurance, you’re taking a risk about the likelihood of this occurring. While the prospect of a flood or fire might seem unlikely, a solid insurance policy ensures a stressful situation doesn’t get even worse.
If your rental property becomes unliveable due to an insured event, like a flood or fire, renter’s insurance ensures you and your pets have access to suitable accommodation. Plus, this insurance usually covers the cost of moving and storing your possessions until you can move back in or find a new place to live
This benefit alone can be a godsend during a difficult time, as simply having a dependable roof over your head means you can swiftly tackle other pressing issues. Instead of getting nothing in return following a theft or natural disaster, renter’s insurance is the ideal solution to protect yourself and experience the least stress during a complex situation.
Speak to the experts
Get in touch with the experts at InStyle Property Management to get up-to-date information about the rental market. Our highly experienced team can help landlords and tenants make the best move for their future.