Top Five Reasons You Need Renter’s Insurance
June 29, 2015 – You’ve moved into your own apartment and have outfitted it with fashionable furniture and all the latest gadgets. Now what? It’s time to think about protecting your space and belongings. According to a 2014 Insurance Information Institute poll, only 37 percent of renter’s have renter’s insurance. The landlord’s insurance covers the building but not your belongings or your liability for accidents. Not only does renter’s insurance offer protection, it gives you peace of mind.
The top five reasons to have renter’s insurance are:
1. Protection from theft and loss
Renter’s insurance covers your personal belongings that have been stolen or lost. And this coverage goes with you. Whether in your car or with you when traveling, your belongings are protected. Optional replacement cost coverage will replace your items with brand new products of equivalent value.
2. Protection from fire and natural disaster
In the event of a fire or tornado, renter’s insurance covers your damaged belongings. Some policies even cover additional living expenses like the cost of a hotel and food if you are temporarily displaced from your home.
3. Protection from damages you cause
If you cause a fire that spreads to your neighbor’s apartment, you could be responsible for their damages. The liability coverage in your renter’s insurance can cover the repair costs.
4. Protection from a visitor’s injury
Should a guest fall and get hurt at your apartment, renter’s insurance can cover the medical expenses and sometimes legal bills in the event of a lawsuit.
5. It’s affordable
Renter’s insurance monthly premiums can start as low $12 per month. That’s a small price to pay for protection and peace of mind.
Renter’s insurance provides coverage for your personal belongings whether they are in your apartment, your car or with you while traveling.In addition, renter’s insurance provides liability coverage if someone is injured in your apartment or you accidentally cause injury or damage to a neighboring apartment. While we all prefer to think of best case scenarios, it’s smart to be prepared for the not-so-great as well. Renter’s insurance can offer big protection at a small price.
Sources: Insurance Information Institute, Investopedia.com, Quickenloans.com.
The above are examples. Speak to your insurance agent for details and costs.