Renters insurance is important

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Information about Renters insurance is important
Finance

Published on March 10, 2014

Author: RichardThompson.lgx

Source: slideshare.net

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Here are some reasons why renters insurance is essential for you to have.

Renter’s Insurance is Important Whether due to ignorance or misconception, more than half of Americans who rent do not have a renter’s insurance policy. This inexpensive protection is absolutely the most underutilized type of insurance in the country. Why is renter’s insurance so important, and what are the benefits of searching out a policy? Cost To begin with, renter’s insurance has the lowest price tag of any insurance you’ll ever get. Most policies start around $12-$15 per month and are rarely more than $30. Compare that price to homeowner’s, auto, motorcycle, and health insurance, and you’re looking at the cheapest insurance you’ll ever pay for. Protection Most insurance policies of this kind will pay out for damages and destruction of property for a variety of accidental or natural disasters. Many landlords only carry insurance for the structure itself, which is the only protection they need as a landlord. This means that any damage to your personal property is not covered unless you carry renter’s insurance. The last thing you want is to find yourself outside your burning or flooded home with no idea how you’ll replace your ruined belongings. Fire, flooding, and other damage due to inclement weather can cost thousands of dollars to recover from. Any renter who does not carry insurance can end up being responsible for the financial and physical recovery of property. Theft Statistically, rental properties are more susceptible to home invasion than privately owned homes. Apartments and condos can make easier targets, especially in the city. Renter’s insurance covers the theft of your personal property and damages due to the break-in. Before you say, “But I don’t have anything of value.” Know that a vast majority of renters own property in excess of $20,000 combined value. Injury What happens if your best friend is visiting from out of town and falls or is otherwise injured in your home. Do you have the overhead to pay for their medical expenses out of pocket? Renter’s insurance can protect you and provide that coverage for injuries sustained by guests in your home. Additionally, it can also protect you if anyone is injured and decides to sue you.

Additional Coverage A good renter’s insurance policy will also cover a few things that you may not realize you need. While you work hard to avoid accidents and incidents that would cause damage to your home, you can’t control what happens in rental units adjacent to yours. Renter’s insurance can protect you from having to pay for damage to your unit that was caused by a fire or flood in a neighboring unit. When significant repairs or remodels must be made to your rental unit, where do you stay? Renter’s insurance, like auto insurance, can pay for the cost of living accommodations while your apartment or condo is being renovated or repaired. No matter your financial or living situation, renter’s insurance is always a good idea. It can protect you, your property, and your finances from the financial, emotional, and mental fallout that comes with disaster, accident, or theft. Best Insurance Services provides renter’s insurance to residents in Moreno Valley. We have the expertise and industry knowledge to help you find the perfect policy to protect you, your family, and your home. Photo Credit: Ambrozjo , Ayla87

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