Majority of people don’t have renters insurance, and some of them even never heard about it or simply don’t know what it is. While renters insurance is one of the cheapest forms of insurance (that can cost as low as $5 a month), some people are still hesitant to pay it and don’t consider it valuable enough.
Another reason why some renters stray away from this type of insurance is the boring paperwork. Each time you need to update your policy, you have to go through the entire procedure of contacting your broker and insurance provider, and then you need to wait for a new plan to be sent by mail.
However, the managing of your renters insurance doesn’t need to be such a daunting task these days. Some providers, like Lemonade, offer rental insurance for homes and apartments through a simple app, which is easy and quick to use.
If you’re still confused about what renter’s insurance is and what it covers, here’s a quick part on the basics of it.
What Exactly is Renters Insurance and What Does it Cover?
If the name doesn’t clarify it enough, renters insurance is a way of securing your personal property from certain types of perils while renting an apartment or a house. When you’re in the position of a tenant, your landlord’s house or apartment insurance can only cover his or her own belongings. In that case, you only need to protect your movable property, like a laptop, a phone, a bike, clothes, jewellery, and more.
Renters insurance provides you with that kind of protection, and you should take it into consideration since nobody is immune to unfortunate accidents like fire, bad weather, theft, or vandalism. In some scenarios, your insurance can even cover for the damage you caused to other people’s stuff. Besides, this insurance will also cover the property of the relatives you are living with, including your spouse or an adopted child.
However, renters insurance not only covers property but can also pay you for some additional costs. Your policy can also include certain medical expenses and legal fees. For example, if someone gets hurt in your apartment or the fire damages the neighbor’s property, a renters insurance can cover it as well.
If the damage to your home reaches the extent wherein you need to stay elsewhere while your place gets fixed, the insurance will pay for the costs of renting the temporary accommodation. So, if you’re worried about the additional money that you have to spend on staying in a hotel, you shouldn’t be. Most policies cover this as well, and some will even pay for food costs you might have along the way.
How to use the Lemonade App?
In August 2017, Lemonade introduced the world’s first Live Insurance. Until then, people who wanted to change or adjust their renters insurance policy had to go through a long process of contacting the insurer’s support team, explaining the issue, and waiting for the paperwork to be done and sent by mail. Not to mention that the paperwork took additional charges.
This is all in the past now, since the Lemonade app allows you to update your policy on the go and without having to wait for more than a few seconds to complete it. The app is compatible with both iOS and Android devices, and it can be downloaded free of charge.
With this easy-to-use app, you can change your deductible amount, personal property, loss of use, and liability limits, as well as certain medical payment limits. You can also add or remove people from your list, like your relatives, spouses, landlords, and property managers – and see your charges update on the screen in real time. Wait for a few moments for your updated policy to get processed and you will get a notification that you’re all set.
If this article hasn’t convinced you that you need renters insurance, that’s perfectly fine; as you can read in this HuffPost article – you’re not alone. However, technology has allowed us to bypass all the waiting, paperwork, and other things that made insurance policies so annoying. And if that what prevented you until now to get renters insurance, well, what’s your excuse now?
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