Should you get Binghamton Renters Insurance? Generally, the answer is yes. If you rent an apartment, you need the coverage. Whether or not your landlord requires renters insurance isn’t really relevant to the matter, it’s a question of protecting yourself.
While it’s important to protect your personal property, there are other concerns as well that make it an excellent idea to have renters insurance in the Southern Tier. Loss of use coverage can pay for a hotel and other expenses you incur as a result of a covered loss, and that’s important as well, but there’s a larger sceptre haunting tenants out there.
What about liability claims?
You may think that you’ll never be the subject of a liability claim, and while it’s possible that you won’t be, it’s highly unlikely. What if you cause a fire? That fire would damage the building as well as the contents of other residents. When you’re living on a thin budget and renting, do you want to be the one to buy new stuff for the neighbors because their property was lost in your fire?
But it gets scarier than that. The building itself would be a huge loss in the case of a fire. The landlord is going to make a claim with their insurance company. But that policy has a deductible, likely several thousand dollars. That deductible is your responsibility. If you don’t or can’t pay it, the landlord will sue you to recover the deductible.
But it gets worse if you don’t have renters insurance.
If you cause the fire, the landlord’s insurance policy will pay the claim to the landlord and then go after the responsible party to recover that money. Who’s the responsible party? That would be you, because you are the reason the fire happened. The six figures they paid out, plus costs and fees, plus associated other amounts of money, will all be included when they sue you.
Think you’re judgement proof because you don’t have any assets, and therefore you don’t need renters insurance in Binghamton? Think again! What if you get an inheritance? What if you go back to school and get a better job? What if you don’t want them taking money directly out of your paycheck for the rest of your life? All of this can be prevented with a renters insurance policy, and that policy would defend you against the subrogation attempt, as well.
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