It is a common misconception that renters insurance isn’t necessary. Some renters believe that their belongings aren’t worth enough for coverage, or that renters insurance is too expensive. However, if renters were to take the time to asses the value of their belongings versus the cost of insurance, they may be thinking quite differently.
Your “Stuff” is Worth More Than You Think
There is no situation where a tenant should go without renters insurance. Why? Because all rental properties are at risk for a variety of damages, like a fire, or theft. Furthermore, if you think you don’t have enough belongings worth buying renters insurance over, take the time to asses your things. You may find a number much higher than you expected. It’s not only the big ticket items that matter!
Because You Shouldn’t Depend on Your Landlord
Sometimes landlords may offer tenants renters insurance, but most of the time the policy that the landlord holds only protect the building itself. Which mean only the structure is covered, not the contents (any of the tenant’s belongings). Even if the refrigerator you use is owned by the landlord, and it breaks down causing hundreds of dollars of food to spoil, your landlord wouldn’t be responsible. A situation like that would be handled with a renters insurance policy.
It’s About More Than Just “Your Stuff”
Mistakes happen, and in some cases the brunt of the damage may impact another tenant’s things. A renters insurance policy would help in the case of an accident like this. If your apartment floods for some reason and leaks, damaging your neighbors furniture for example, your renters policy would cover the damage up to your liability limits. This liability coverage can also have your back when it comes to accidents that result in potential medical expenses. For example, a guest falls and trips and gets injured. Could you afford to pay their medical bills along with legal expenses? A typical renters policy will cover a full range of risk that you are exposed to as a renter.
It’s Worth It
Renters insurance is not expensive. In most cases it’s safe to say if you can afford to order a pizza or two every month, you can afford a renters insurance policy. Of course premiums will vary between individual circumstances, but don’t expect to be paying big bucks for a policy (yippee!). Even better news, you can save on a renters insurance policy if you add it to an existing insurance package, like a bundle!
Just be Careful….
Even though renters insurance is on the less expensive end, if you don’t shop around, you may end up paying twice as much than you have to. Don’t worry though, we have great news. When you shop through a local independent agent like us, you don’t have to do any shopping around, we can handle that part! We like to call it the “independent agent benefit”, less work for you and more savings, it’s a win win!