Renters Insurance Coverage Made Easy!
If you think renters insurance is not necessary, you are sadly mistaken. Even though you may not own the home, apartment or unit, you do own the property that is inside of the home. If your items are lost or stolen, your home floods or catches on fire, or some other unforeseen accident occurs, you will need to replace those items with your own money. These items are things you purchased over the years, but when disaster strikes, you do not have years to replace your personal property, especially your everyday necessities. It could be really expensive to replace your personal items, which is why you should protect your investments. When it pertains to protecting your personal property, renters insurance is your most affordable option.
“Only 31% of renters have renters insurance compared to 96% of homeowners has homeowners insurance” Source: Insurance Information Institute
Renters insurance covers various items, including:
The owner of the property you are renting may have insurance, but that policy will only cover the property, not your personal belongings. Some landlords will require a tenant to have proof of renters insurance before moving in, or immediately following the signing of the lease. When you purchase renters insurance, there are typically two types of insurance to choose from:
If you choose replacement cost insurance, you are purchasing a policy that will replace the items that were stolen from your home, ruined in a fire or flood, or any other covered incident. Your items will lose value over the years, but that does matter with replacement cost insurance. An insurance company will replace your items at the current market value. Your other option is a cash value policy. This option is less expensive than replacement cost insurance, but the items that are listed in your claim will be paid out according to how much they have depreciated over the years. As an example if you replace your television, you will be given an amount that is not nearly enough to buy the same size or brand television in today’s market.
When most people think about renters insurance, they only think about replacing their personal property, but it is much more than replacement alone. If your home has water damage, or if a fire burns the property down, where will you stay while the damage is being repaired? Sure you could ask close family and friends to let you stay with them while you are waiting for your home to be fixed or rebuilt, but you want your own privacy, especially if you have children. With renters insurance, you could receive funding to stay at a hotel until your home is ready. This allows you to live in
privacy, instead of feeling like a burden with your family or friends.
There are many benefits to renters insurance. Sometimes you are responsible for incidents that happen on your property, and those incidents can result in a lawsuit. Your renter’s policy can give you legal aid for the issues. You may have a pet that attacks a neighbor, and that neighbor decides to take you to civil court. You also need to think about accidents. What if someone comes over to your home and they slip in your kitchen? You may be liable for their injury. If you have renters insurance, your policy will pay for the injured person’s medical expenses. Some injuries may be the responsibility of your landlord, but other issues such as a slippery floor are generally your responsibility. These benefits could save you some money, and possibly save your friendships.
You never know when an accident will occur, or when someone will break into your home and steal your belongings, but if you have the right type of insurance, you can breathe a sigh of relief. Of course some personal property cannot be replaced, such as family portraits and mementos, but you can rest knowing your television, computer, clothing, jewelry and other items can be replaced if you fall victim to an unplanned disaster.
The price of renters insurance will vary, depending on the insurance company you use, and the policy you choose. Some insurance policies can cost as little as $10 a month, while others can be over $40 a month. In 2012 the national average was approximately $15 per month! The more money you pay for your insurance policy, the higher your property and liability coverage amount will be.
Choosing a Policy
When you choose a renters insurance policy, you need to make sure you find the best option for you. Do not choose a policy based on monthly or annual payments, because you could end up spending more money in the long-run. For instance, you may find a policy that is cheaper than that offered by another insurance company, but the deductible is higher. Before an insurance company will pay out any money to help with your loss, they will require you to pay the deductible. Before you choose a policy, ask the insurer how much the deductible is, and make sure you will be able to pay that deductible should you need to file a claim.
When you contact us, we will help you choose the best plan for you and your family. We will compare prices, options, and explain the benefits offered by each insurer. If you fill out the form on our website, we will use the information provided to give you a free quote.