Is Renters Insurance Necessary?
August 4, 2022
A renters insurance policy is meant to cover unexpected events like theft or fire. Whether you lease a home or an apartment, it’s a good idea to have a renters insurance policy to protect your valuables and belongings. But you may be asking, is renters insurance worth it? The short (and long answer) is yes.
While your landlord’s insurance policy covers damage to the building structure, it doesn’t protect your property. And unfortunately, many people underestimate the value of their possessions. They don’t realize the cost of replacement until it’s too late. Try adding up the value of just your clothes and electronics. You may find it won’t take long to reach thousands of dollars or more.
While renters insurance covers a list of items, including electronics, furniture, and clothing some policies also cover personal possessions outside of the rental unit. If your laptop is stolen from your car or your bicycle is vandalized while your’re at work, for example, it may be covered under your renters policy Even if you think you don’t need renters insurance, here are five good reasons to consider investing in a policy.
5 Reasons Why Renters Insurance is Worth It
1. It’s affordable. According to Forbes Advisor, the average cost of renters insurance is around $165 a year, or about $14 a month. Keep in mind, however, that your actual price will vary depending on the type of coverage you choose, where you live, and your deductible.
2. It covers personal property loss.Even if you don’t own much, the value of your belongings can quickly add up, especially if you have to replace everything. A renters insurance policy protects your clothes, computers, furniture, and more. Also, renters coverage protects against a long list of unplanned events such as:
- Fire and lightning
- Volcanic eruption
- Water or steam from plumbing, HVAC, sprinkler systems
- Hail, ice, snow, or sleet
- Damage from vehicles or aircraft
- And more
3. It provides liability coverage. Like car insurance, liability coverage protects you when someone is hurt while in your home. Also, it protects you if you accidentally injure someone. In these instances, renters insurance pays legal and medical expenses up to the policy limit.
4. It may cover living expenses. If your residence becomes unlivable, your policy may cover costs associated with living somewhere temporarily.
5. Your landlord may require it. Several landlords are starting to require tenants have a renters insurance policy. Remember that your landlord’s insurance policy covers the building structure and the grounds but not your personal belongings. Also, your renters insurance policy may cover personal items when you travel or if you are in your car.
Don’t Get Caught Out in the Cold
Renters insurance can be easy to forget. Even though the cost is relatively low, many renters don’t purchase it because they believe their landlord’s policy covers their belongings and valuables. However, this isn’t the case. Take the first step today and work with an experienced broker to ensure you have the right insurance coverage.
For more information, contact us today at 844-440-4222.
Talk to an Insurance Pro
Business insurance coverage should change as your business evolves. No matter if your company is moving to a new location, experiencing a burst of growth, or any significant change, you should evaluate your insurance coverage. As needs change, so do the risks. Make a plan to review your business insurance policy at least once a year and every time there’s a significant change. Taking a proactive approach like this can help ensure you have the coverage you need to protect your company in the event of a disaster.Read More
A significant challenge when shopping for business insurance is making sense of various coverage options and products. Knowing precisely what will be best for your situation can be overwhelming. Working with an experienced and qualified insurance broker can reduce the confusion and help you make the right policy choice.Read More
Congratulations on starting your business! Whether in the professional services or consulting industries, retail, manufacturing, or construction, companies need business insurance. And having the right coverage can help protect you from expensive damage and lawsuits.
As a business owner, you have plenty of options.Read More
No matter the size, businesses must be prepared for illegal and frivolous insurance claims from scammers. And it can be hard to identify who may be running an insurance scam, hoping to get some of your hard-earned money or disrupt your business. The person may be an everyday contractor, the friendly voice on the phone, or the sender of an email in your inbox. In disguise, the person is a scammer, hacker, or fraudster.Read More
Risk management is a broad topic that involves taking steps to minimize and control the threats businesses face. Learn how to identify your risks and what you can do for prevention.Read More
Are you frustrated at the pump with fuel prices? Is the current cost to fill up your vehicle hurting your wallet? If so, saving money on gas is probably a high priority for you in 2022. As auto insurance writers, we know a few things about saving money. Here are some surprising tips on how to save money without shopping around.Read More
Are you getting a lot of phone calls or text messages from people you don’t know? Often, on the other end of the line is a scammer. And scammers use the internet to make calls from all over the world to steal money or personal information. For many people, scam calls are a source of anxiety or annoyance. To protect yourself, you can take steps to help stop scam calls.Read More
In a March 21, 2022 statement, President Joe Biden cautioned businesses in the private sector to harden their cyber defenses, reiterating earlier warnings related to potential cyberattacks.Read More