6 Benefits of Renters Insurance This Winter

Posted by: TheGuarantors on December 29, 2021

Although the pandemic is an overwhelming global concern for 2021, the holidays aren't taking a break. And after the year we've had, we think we could all use some holiday cheer. While this is a joyful season, it can come with considerable risks. Winter disasters like house fires and burglaries often spike in November and December. So, we've pulled together the six best benefits of renters insurance for you this season. It will cover you, your guests, manage seasonal risks, and ease your stress. And the best part is that it comes at a relatively inexpensive cost. Though you have a property manager to rely on, it doesn't make you immune to winter disasters. Your property manger has insurance that only protects their property and not your belongings. If you asked yourself, 'why renters insurance is important?’ you’ll have no doubt about purchasing renters insurance after reading this guide.

6 benefits of having renters insurance in case of:

1. Housefires

Renters insurance for housefires

According to National Fire Protection Association reports, there is an increase in home fire incidents during winter. The primary fire causes in apartments are candles, space heaters, holiday cooking, and Christmas trees. In a worst-case scenario, like a fire, renters insurance will pay to replace your stuff. It will still cover you even if the fire started from your neighbor's home. Moreover, it protects your belongings that get damaged by fire and smoke. It's time to check your fire detectors, electrical wirings and be extra cautious. Better yet, get renters insurance.

💸 Buy "replacement cost coverage" with your renters insurance policy. This policy will ensure you will be reimbursed for purchasing new items. And not the depreciated value of what you lost.

2. Theft or a home break-in

The FBI reports that there is a spike in the number of burglaries during the Christmas holidays. In connection with this, there is an increase in theft claims during the holidays. Which is proof that you need extra protection and caution for your valuables and belongings this season. Don't wait for the burglars to lurk while you are traveling, shopping, or celebrating the holidays. Get financial protection. Renters insurance will pay for the loss in the event of a burglary.

💸 Renters insurance will cover items stolen inside or outside your apartment. For example, if your luggage is robbed from a hotel room, that's covered.

Related: Safety measures to vacation proof your house

3. Injury of someone in your home

injury during the holidays

Liability coverage is included in standard renters insurance policies. This provides protection if someone is injured in your home. It also covers if you (or another covered person) accidentally hurt someone. It pays any court judgments and legal expenses up to the policy limit.

💸 Most renters insurance costs cover at least $100,000 of liability. It also covers a smaller amount for medical payments coverage. You can request (and pay for) higher coverage limits if need be.

4. Winter weather damage

Winter weather incidents can spoil the holiday spirit. Frozen pipes, hail, wind, snow, and ice can cause thousands of dollars in structural damage. While the property manager's insurance is likely to cover the broken pipe, it will not cover the cost of your items which a significant leak could damage.

Losses resulting from floods and earthquakes are not covered in standard policies. A separate policy is required for these damages.

Renters insurance protects against a surprisingly long list of winter weather damages. A standard HO-4 policy designed for renters, for example, covers losses to personal property from threats, including:

  • Weight of ice, snow, or sleet
  • Windstorm or hail
  • Damage from water or steam from household appliances, plumbing, heating, air conditioning, or fire-protective sprinkler systems
  • Falling objects
  • Lightning

Related: A guide to renters insurance for college students

5. Relocation to additional living space

If your home becomes unlivable and you need to relocate, your renters insurance policy covers "additional living expenses." Your relocation could be because of one of the disasters mentioned in our list above. Your renters insurance policy will include the cost of living somewhere else temporarily, food, and more.

💸 Check with your policy to determine how long it will cover additional living expenses and if it caps the company's amount.

6. Damage to devices

Damages to new tech gifts

Protect your brand new devices from cold-weather damage with renters insurance. If the temperature in your apartment dips below 35, your electronic devices could experience permanent damage. Renters insurance covers the cost of replacing your stuff if it's destroyed. What’s more? The insurance promises to replace your belongings even if they are stolen, inside, or outside your home. So, if you leave an electronic device in your car in freezing weather, it's covered if lasting damage occurs. Or if you're unable to get to a delivery containing an electronic for an extended period, and it is damaged. As a result, it could likely be covered by your renters' insurance policy.

Related: 5 tips to remember before buying renters insurance

There's no time like the present to enjoy the benefits of renters insurance!

It's not hard to get the best renters insurance on the market, especially if you ask us, The Guarantors. We will keep you up-to-date about the latest rental news, hacks and laws to benefit you.