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Renters Insurance

3 Reasons Why You Need Renters Insurance

We often come across people just like you that have heard of Renters Insurance, but don’t know exactly why they would need to purchase it. Some people are lucky enough to hear about it on TV or from a friend and others don’t find out about Renters Insurance until after something happens. Don’t let that happen to you.

Renters Insurance can cost as little as $12-$20 per month and covers everything from your iPad and clothes to furniture and wedding rings.

In addition to your personal belongings, “renters” covers your personal liability, which will come in handy if a lawsuit is ever brought against you.

As a renter, you have assets to protect just as a homeowner does.

1. It Helps Protect You & Your Stuff

Possessions: Renters Insurance works similarly to Homeowners Insurance. Your landlord will cover the physical structure, but that means you are responsible for all of your belongings inside. Covering your property now will prevent a major expense in the future.
Liability: This is coverage for anything that you are legally responsible for outside of your vehicle. For example, if someone slips and falls in or on your property, you are responsible. The liability protection that comes with a Renters Insurance policy will protect you in the event of a lawsuit.
Medical Payments: This is coverage for small medical expenses to your guests. Imagine your family is over for Thanksgiving dinner and your friend cuts their finger while slicing the turkey. This will cover their ER bill.
– Other Stuff: Renters covers you in a variety of situations such as: theft, fire, water damage, wind, smoke damage, vandalism, and many others.

2. It Fills Coverage Gaps

One major gap that Renters Insurance fills is that left by your Auto Insurance. Your auto policy does not cover your personal belongings in your vehicle (or in any vehicle for that matter).

Renters Insurance will cover your belongings in a vehicle if your property is stolen or damaged. For example, you leave your laptop on your back seat and come out to find it missing. Your renters policy will help to replace your stolen laptop, while you would be responsible for the cost without it.

3. It’s Extremely Affordable & Provides Peace of Mind

Replacing your personal belongings after a fire, flood, or other tragic events almost always costs more than people realize. New renters typically have $25,000 worth of personal property in their home after everything is tallied and renters can be purchased for less than .75 cents per day (sometimes less when combines with an auto insurance policy).

Fires, thefts, and water damage happen to even the most careful of us. And just because you rent instead of own, doesn’t make you any less at risk. To protect yourself, consider purchasing a Renters Insurance policy. We hope nothing ever happens, but if something does, you’ll be prepared.

If nothing else, you’ll sleep a little easier at night.