If you need your belongings to be covered while you're renting a Branson rental home, you should get an insurance policy. 

Whether you're living in an apartment, a house, or a duplex, it's important to have a renter's insurance policy so that if the unthinkable happens and your belongings are destroyed by fire, lost due to thief or any other disaster, you'll be compensated for the loss of your property. You might be aware that rental businesses have property insurance, but that policy only covers the building - not your personal belongings.

This is a common reason why a majority of renters don't purchase renter's insurance; because they believe they are covered under the insurance policy of a rental property. Even if you think that you don't need to get insurance, here are some good reasons why you should rethink the  need to have renter's insurance.

It's Affordable

The affordability of a renter's insurance is one piece of information that will give you a better idea of why you need to have an insurance policy for your personal property.. According to the National Association of Insurance Commissioners (NAIC), the average cost of a renter's insurance policy is only $180 a year. The insurance cost will depend on factors such as the type of coverage, how much coverage you need, the amount of your deductible, and the place you live.

It Covers Losses to Personal Property

As you enjoy a pleasant living in a Branson rental home, it's also important to have peace of mind by getting renter's insurance to cover losses of your personal property. The insurance policy you get will protect against losses to your personal property, including jewelry, clothes, luggage, computers, furniture, and appliances. Even if you only have a few personal belongings, the replacement costs can quickly add up to more than you realize, and it will definitely be a lot more than you realize in the unfortunate incident that you need to replace everything.

Renter's insurance policies will protect against a surprisingly long list of uncertainties. A standard insurance policy designed for renters covers losses to personal property from perils that include the following:

·         Damage caused by airplane crash

·         Damage caused by a car accident

·         Explosion

·         Falling objects

·         Fire or lightning

·         Riot or civil commotion

·         Theft

·         Vandalism or malicious mischief

·         Volcanic eruption

·         Damage to property due to the heavyweight of ice, snow, or sleet

·         Windstorm or hail

·         Damage from water sources that include household appliances, heating, air conditioning, or fire-protective sprinkler systems

Losses that resulted due to floods and earthquakes are not covered in standard policies. You need to get a separate policy for these perils. In addition, a separate policy might be needed to cover wind damage in areas prone to hurricanes. 

Renter's insurance policies don't cover losses caused by your negligence or intentional acts. For example, if a fire broke out because you were sleeping with a lit cigarette, the policy most likely will not cover the damage.

Your Landlord Might Require It

Your landlord's insurance only covers the structure itself and the grounds, but not your personal properties. Many landlords now require every tenant to get their own renter's insurance policies, and they want proof.

This may be the landlord's idea, or it could be a requirement from the landlord's insurance company. The idea to have the renter's insurance is because if they are covered with it, some of the landlord's responsibilities will be shifted to the tenants. If you want to be assisted in securing a renter's insurance, your landlord will be more than willing to suggest a few names of insurance agent’s that can help you.

Insurance Provides Liability Coverage

A standard renter's insurance policies will also provide liability coverage. Liability coverage protects someone while at home or if he accidentally injures someone. The policy also pays any court proceedings as well as legal expenses, depending on the policy limit.

Before the coverage takes effect, you may have to pay a partial amount on your policy. Most policies provide a liability of at least $100,000 and a smaller amount for medical payments coverage. If you want to get higher coverage, you can request it.

Insurance Covers Your Belongings When You Travel

As a renter, your insurance policy will cover your personal belongings, whether you are in your home, car, or while you are traveling. Your belongings are covered from loss due to theft and other covered losses that happened anywhere you travel. To know full details on what constitutes "other covered losses", ask your insurance agent.

Insurance May Cover Additional Living Expenses

Suppose your house becomes uninhabitable due to some covered perils. With this in mind, your insurance policy will cover additional expenses that will include the cost associated with living somewhere else temporarily, food, and more. Check your policy to determine how long it will cover additional living expenses.

Any personal property that you have in a Branson rental home will be fully covered if you get renter's insurance. In addition, the insurance policy provides liability coverage in case someone is accidentally injured while at your home. 



Thousand Hills Realty is the premier property management company in the Branson area. Call us today at (417) 337-8081 if you would like a recommendation on a local insurance agent who can offer you a renter’s policy to cover the value of your belongings.