Do I Need Business Interruption Insurance?

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
• Theft
• Smoke
• Vandalism
• 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.