If you’re renting a condo or house in Hawaii, you may be wondering if you really need Renter’s Insurance. It’s understandable.
That’s one more expense in Hawaii’s already expensive cost of living, you might think most possible problems are covered by your landlord’s insurance and, what could really go wrong. Right?
Unfortunately, No. Here’s Why.
You Have Liability, Even as a Renter
Imagine this – someone comes over to your rental condo/house. They slip and fall, requiring a trip to the hospital and maybe even physical therapy. That’s the landlord’s problem, right? Wrong.
You could very well be found at fault if the accident was caused by something that can be attributed to you and your ‘negligence’.
That could be a puddle on the floor, a toy left out, a loose rug. Now it’s Your Problem and that means money.
Renter’s Insurance will help cover those expenses as well as assist in fighting any legal case. It can happen, even within families. Just ask any insurance agent.
There’s also accidents you may have caused that affect your neighbors’ property, especially important in condo buildings.
Leave the faucet running and it damages your downstairs neighbor’s unit, your insurance will cover clean-up for you and them.
What Happens If Your Stuff Is Stolen – And Not Just From Your Home?
Even in Paradise we all know at least one person who’s been victimized in recent years by burglars. Property Theft is a major problem in Hawaii.
What if you come home to find your computer(s), television, jewelry or anything of value gone? Can you replace it all?
Renter’s Insurance restores those lost items, replacing them so you don’t have to drain your bank account to do so. Even better, did you know it covers your possessions OUTSIDE your home?
Your car gets broken into and your tablet is taken. Renter’s Insurance covers it. Your hotel room in Vegas gets robbed. Renter’s Insurance covers it. Not too bad.
Although burglary is the most commonly needed coverage for your possessions, your policy also covers loss in a fire, water damage from a leaky pipe and other issues, too.
What If Your Rental Is So Damaged That You Have to Live Somewhere Else – Starting Right Now?!?
In the event that your rented home is flooded or has some other damage done, such as from a fire or mold, what happens to you?
You can’t stay there, so you have to find either a temporary place to stay while the problem is fixed or an entirely new rental.
That’s more money to pay out that you may not have. Renter’s Insurance can help.
Often, relocation expenses are part of your policy, paying for some or all of a move, depending on the circumstances. It’s a lifeline when you need it most.
Getting the Right Renter’s Insurance For You
As with all insurance you deal with, there are deductibles, amount(s) of coverage and other important factors you need to figure out before going with one.
Figure out how much it would cost to get you back on track if a fire happened for example – and how high a deductible you’re comfortable with paying before coverage kicks in.
Most importantly, find out exactly what the policy covers.
Learning after a disaster has hit you that you aren’t covered for it just piles on the hardship when you are at your most vulnerable. Don’t let that happen to you.
Renter’s Insurance is now a necessity, just be sure it’s going to do what you want it – and more importantly, need it – to do to protect you and yours.
Looking for a Condo or Home Rental on Oahu?
Check out our Available Oahu Rentals if you’re looking for a Honolulu house or condo to rent. We can probably help you.-