As a renter in Connecticut, you know you have certain legal rights and obligations, just as the landlord does. But is buying renters insurance one of those obligations?
If it’s not, do you even need it? After all, you’re already paying rent and utilities. And it’s not like the place is your home. It’s just somewhere you crash at the end of the day. So do you need to add another bill to your mile-long list of expenses? Let’s find out.
Is Renters Insurance Legally Required in Connecticut?
Connecticut law allows the landlord and the renter to make the rules regarding renters insurance. In other words, the law doesn’t dictate whether you must buy this form of insurance. However, your landlord can advise you to do so or make it a lease agreement condition.
Similarly, you have the right to refuse to get renters insurance, but you stand a good chance of the landlord refusing to budge, in which case you may be looking for a different place to rent.
Why You Should Get Renters Insurance Anyway
Regardless of your landlord’s requirements, renters insurance is something you should want to get. You’re the one who will benefit most from it. Here are some of the reasons to get renters insurance.
Protect Your Personal Property
When you hear about someone losing all their worldly possessions in a fire or some other disaster, you feel sorry for them, but you “know” it will never happen to you. Until it does. And then you’ll have to replace everything.
Even if you think your belongings aren’t worth much, the costs add up quickly when you have to replace all your possessions. However, if you have renters insurance, you won’t have to worry because a good policy will cover damaged or stolen items.
Liability Coverage for Accidents and Injuries
Imagine you have someone visiting you, and they accidentally trip over your rug and break their arm. They sue you because they can’t cover all the medical expenses. Luckily, you have renters insurance that includes personal liability coverage, meaning the insurer will pay your legal costs and your visitor’s medical bills.
Another situation in which you’ll be glad to have renters insurance is if you damage someone else’s property. Whether breaking a neighbor’s window or accidentally causing a fire that engulfs nearby properties, your policy will cover all the damages. In other words, you won’t have to pay for the damage caused to your neighbor’s or your landlord’s property.
Coverage for Additional Living Expenses
If a fire or other disaster damages the rental property, and you can’t live there until it’s repaired, you will have to pay for alternative accommodations. It can get expensive. However, you don’t have to worry if you have renters insurance. If your policy covers the incident, you will be reimbursed for any additional living expenses you incur while away.
It’s Not as Expensive as You Think
Many people avoid getting renters insurance because they think it’s incredibly expensive. The fact is that a policy that covers you for up to $20,000 for personal property and $100,000 for liability will cost you an average of $159 per year. So that’s a little over $13 per month.
Of course, you can get a policy with a higher coverage limit, which you should do if the value of your belongings exceeds $20,000. It might be more expensive, but imagine how much replacing everything you own would cost.
Doesn’t My Landlord’s Renters Insurance Cover Me?
Like renters, landlords aren’t obligated to have rental property insurance. However, even if your landlord does have insurance, it will only protect you in situations in which the landlord is legally liable.
For example, if your guest falls down the stairs in your building because the handrail is loose, then the landlord is liable. The same applies to other situations, including broken locks that allow intruders access to the property and cause harm, unrepaired leaks that lead to mold growth resulting in health problems, and icy sidewalks leading to falls.
However, if you are at fault for the issues, your landlord’s insurance will not protect you. Likewise, you won’t be covered if your possessions are damaged or stolen. In other words, it does pay to get renters insurance.
Protect Yourself with Renters Insurance from JMG Insurance Corp
While renters insurance might not be mandatory by law in Connecticut, it’s still wise to invest in a policy for your peace of mind. So many unexpected situations can occur, from a fire that wipes out your belongings to forgetting the bathtub running and flooding the downstairs neighbor, which could ruin your finances. With the right policy, you won’t have to worry.
If you need advice on the best renters insurance or want a trusted provider, JMG Insurance Corp is here to help. Our experienced team of agents can provide the guidance you need to protect yourself as a renter. Contact us today at 1-844-304-7332 or online, so we can get started on helping you protect your financial future.