Don’t Leave Anything to Chance: Understanding Renters Insurance
Posted by Shanna Franklin on January 19, 2018
Do you own the space that you live in? If you answered “no”, then keep reading. If you are a renter, then this blog is for you!
Picture this: The apartment, townhome, house, or condo that you live in is damaged by fire. All of your ‘stuff’ is incinerated and unfortunately there is nothing left but smoke, ashes, and the charred remains of what used to be your belongings. Here’s the question: Are you covered? Or are you just out of luck?
You may be under the assumption that, “Oh, my landlord should have an insurance policy, I’m good.” In all actuality, you are not. Your landlord’s insurance policy typically covers the building structure itself, but protecting your valuables comes down to you. You may also feel like, “Oh, I don’t have enough ‘stuff’ that would even warrant purchasing a renters insurance policy.” I’ve heard that a time or two during my time as an insurance agent. However, you actually own more than you think if you take an inventory of EVERYTHING in your possession. The average renter owns about $20,000 in personal property, and they are 25% more likely to be burglarized than someone who owns a home.
Two major components of renters insurance are contents (personal property coverage) and liability coverage. If the contents of your home are damaged for any of the covered reasons, your renters insurance policy will cover the losses from the contents of your home up to the amount you are insured for. It includes things like clothing, furniture, appliances, your tv, and other electronics. When you ask yourself, “what does renters insurance cover?”, you can say yes to all of the above and more. (Though you may want to opt for scheduled personal property coverage for those especially expensive items and collections.)
In the event that an accident occurs and you are held responsible, the liability portion of your renters insurance will take care of expenses if there is any damage on the property you are renting or any adjacent property damage. For example, the electrical strip that carries entirely too many plugs sparks and starts a fire that damages not only your apartment but the apartment next door. When you ask yourself, “What does renters insurance cover?”, you will find that liability insurance for renters would cover the damages you caused. This aspect is one of the primary reasons that a landlord (or apartment complex) may require that a tenant carry renters insurance.
There are too many advantages in having renters insurance to ignore it. The best part? Renters insurance is affordable. For about the price of a movie and popcorn once a month (just pocket change each day), you can purchase coverage for your personal belongings.
Just remember this: Home is where you keep the things that matter to you. Please don’t be one who is not covered! If you found yourself standing in the middle of your home that you are renting with your things in charred disarray around you, there would be no need to despair. For only a few dollars a month, you can have hope and the knowledge that you are covered.
Want to get a free online quote for renters insurance that compares multiple national carriers? Just click to Request a Quote! Enter your request as Homeowners coverage and include a few details; you will receive a quote instantly.