What are the Advantages of Having Renters Insurance?

Homeownership is still the most popular way for American families to build wealth, but renting has advantages too. Renters typically enjoy maintenance free living, lower insurance costs, and the flexibility to move from one place to another. In some areas the cost of home ownership is simply too high, and renting is the only option.

Whatever your reasons for renting, don’t make the mistake of going without insurance. Yes, even renters need insurance. Renters Insurance coverage is designed to help protect you and your belongings. It has some other great advantages too.

 

Why You Need Renters Insurance

Renters need insurance because if you were to experience a loss, your landlord’s insurance isn’t going to help you. Your landlord’s policy will cover the building you live in, but it won’t cover any of your property.

If you think something can’t go wrong – think again. A renter’s policy will help protect your belongings if they are damaged by smoke, fire, theft, water, or any number of natural catastrophes such as flood or windstorms.

 

You Own More Than You Think

If you think you don’t really have enough belongings to justify a Renters policy, take a good look around at everything you own. Look in every closet, cupboard, and cabinet. Now start doing some math. What would it cost to replace everything you own? That figure adds up quickly.

While you’re at it, take a little video inventory of your belongs – go room by room. This inventory can help if you ever need to make a claim on your Renters policy.

 

When You Can’t Live in Your Rental

If a disaster comes your way, where will you live? Say your apartment becomes unlivable – maybe there is a fire in the building or some burst pipes have caused major flooding. Where will you live? If you have a Renters policy, you won’t be forced to couch surf or move in with a family member. That’s because a Renters policy will pay for additional living expenses if you can’t live in your rental due to a covered loss.

So, if you have to stay in a hotel for a few nights or maybe even find another rental, your Renters Insurance will reimburse you for those additional expenses.

 

What if You Get Sued?

Most of us don’t consider getting sued, but it does happen. We live in a litigious society. And unfortunately, a lawsuit doesn’t have to have good merit to have a financial impact on you.

Liability insurance on your Renters policy will help protect you if someone is injured in your rental or if you accidentally hurt someone. Liability limits usually start around $100,000 and increase from there. Also, liability is one of the least expensive insurance coverages you can purchase but having it can save you from major financial loss.

 

Your Property Away from Home

One of the greatest advantages of having Renters Insurance is the coverage it extends to your stuff. Your property will be covered no matter where it is. So, if your car is broken into and your laptop, designer tote bag, and prescription sunglasses are stolen, your renter’s policy may offer coverage for those items.

The same applies if your suitcase is stolen from a hotel while you’re on a business trip. Your renter’s policy has coverage for your belongings while you are away from home.

 

Liability Coverage if You Damage Someone’s Property

Your renter’s policy will also help protect you if you or your dependents damage someone’s property. So, let’s say your children are playing in the yard and break out your neighbor’s glass window with a rogue fly ball. There is coverage on your policy. Or say you accidentally knock over your neighbor’s antique vase at a dinner party. Your renter’s policy can help.

 

Renters Insurance is Extremely Affordable

For all that a renter’s policy covers, it is surprisingly affordable. A good policy can start at just a few hundred dollars a year. If you combine it with your auto insurance, you may be eligible for a multi-policy discount.

 

Final Thoughts

Renters Insurance is affordable and provides great coverage. A policy will cover your belongings – no matter if they are at home, in your car or on vacation. It will also help protect you with liability insurance just in case you are ever responsible for injuring someone or damaging their property.

To learn more about Renters Insurance, contact our team at ProtectiveAgency.com or call us at (877) 739-9367. Our licensed insurance agents will be happy to answer any questions you have.