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Renter’s Insurance: The Risks of Renting

Renting can often be much easier than caring for your own home and, financially speaking, may make a lot of sense for a lot of people. But it’s important to keep in mind that renting does come with risks. When you rent a space, you’re putting a lot of trust in the hands of others. Trust is an easy thing to misplace, especially when problems may not be immediately clear. That is why you should consider renter’s insurance. Here are just a few of the potential risks of renting and how the right insurance plan can protect you.

Landlord

One of the most obvious risks with renting is that you’re at the mercy of your landlord. You hope that your landlord will be honest and forthright about issues in your building, home, or office space, but let’s be real; sometimes people are not honest. A sound plumbing system, electrical system, heating and cooling systems, and structure are all things you hope for when looking at a new place. But sometimes cosmetic solutions and a little truth-bending can disguise serious issues. You never know what your landlord and a bit of paint may be hiding, and those hidden issues can lead to serious problems.

Neighbors

The second clear risk is your potential neighbors. When you’re first moving into a newly rented space, you’re unlikely to be able to get a clear picture of who your neighbors are and what they’re like. Neighbors from hell may appear to be godsent at first. And then there’s, of course, the potential for very human accidents with your neighbors: a candle left burning, a bathtub left running, a meal left on a lit stove. These things happen. So, whether your neighbors doing it purposefully or accidentally, there is a chance that your neighbors can cause serious damage to your rented space and the things you keep in it.

Insurance

Renter’s insurance is a good idea to protect you from the kind of issues that can arise from living in a rented space. Whether a less-than-honest landlord has hidden a nasty leak and left you with a soggy sofa or a careless neighbor has burnt down their bathroom wall and your television has melted as a result, renter’s insurance can help you recover lost or damaged belongings. If you’re interested in a renter’s insurance plan ABCO Insurance Agency Inc. can help. Contact us today to discuss what kind of plan may be right for you!

 

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