The past decade has seen a boom of technological developments that have affected everyone, from students, businesses, and enterprises, to insurance companies.

Today’s technology-driven millennials are the most affected. Their homes are filled with new tech, and it’s very important for them to protect it. Since the majority of millennials are renters rather than homeowners, they’re relying on renters insurance more and more to offer them this type of protection.

The growing presence of technology in our homes poses greater risks of burglary, vandalism, theft, etc., and this has a huge effect on renters insurance. Let’s take a closer look.

More and More Jobs Require Expensive Equipment

Businesses are always the first to be affected by the development of new technologies. Just think of the applications of chatbots for customer service, artificial intelligence for predictive algorithms, etc. Large businesses rely on technology to increase their revenue and decrease their spending.

One of the common ways today that both companies and employees can save some money is by teleworking. Allowing their employees to work from home is convenient for everyone.

However, this means that workers must create their own home office, with laptops, printers, phones, and everything else.

The devices used often have to match certain specifications, and they’re often very expensive. This is why remote workers should turn to renters insurance.

In case of an accident, if one of these devices is damaged, it can be costly to replace them. Renters insurance helps provide a safety net in situations like these.

The Increased Presence of Tech in Our Homes

Amazon’s stated that over 100 million Alexa-enabled devices had been sold. Our homes today are brimming with new technology. We have countless of smart devices, smart speakers, smart TVs, most appliances are becoming smart.

They’re not very cheap, however, and it’s important to protect them. This is where renters insurance comes in handy. What would happen if a frozen pipe burst, flooded your home, and damaged all the devices?

If you’re wondering does renters insurance cover water damage, there’s an answer to your question. You shouldn’t worry about accidental flooding since your renters insurance usually covers water damage.

The more tech you own, the costlier an accident like this would be. Without the insurance, it would be extremely expensive replacing all the devices and appliances lost in an accidental flood.

Juicier Target for Burglary

All the pricy tech that we have increases the risks of burglary. Burglars target places where they can get the most expensive stuff and the rising costs of new technology make homes a very attractive target.

In case that tech has been stolen in a burglary, it’s not just money lost. The biggest problem is the waiting period until we save some cash to replace the items that are needed for us to complete our daily tasks.

The technology we use is often not solely for entertainment purposes. We often rely on technology for schoolwork, assignments, and our jobs.

Many renters believe their landlord’s insurance would cover them in case of burglary, but this is not the case. Landlords are responsible for providing adequate security measures, but their insurance doesn’t cover the personal possessions of their tenants.

This is why it’s in the best interest of both landlords and tenants to rely on renters insurance so that they’re protected in situations like these.

Renters Insurance as a Solution

Renters insurance proved to be the best solution for renters to protect their belongings, including all the new tech that they own.

With huge amounts of money being spent on technology each year, it’s extremely important to ensure that that money is not wasted. In the case of a fire, theft, or an accident, it can be extremely difficult replacing lost items.

While landlords insurance will cover the damages to the building itself, renters insurance covers a variety of different situations and items.

Even if you’ve left your brand-new laptop in your car and had it stolen from there, renters insurance would reimburse you for it.

Conclusion

It’s more important now than it was ever before to protect our belongings and the expensive tech that we own. With renters insurance, you can enjoy having a peace of mind that you’ll have something to fall back on if you experience any catastrophes, no matter how small or big they are.