Our answer to that question... a resounding Why, yes! YES YOU DO!
More U.S. households are renting now than at any point in the last 50 years. Unfortunately, it is estimated that only 37% actually have renters insurance.
A couple common misconceptions like, “My landlord’s policy will cover me” and “I don’t have that much stuff or anything of great value” may factor into that low percentage. In the event of a great loss, it could be financially devastating to you! Regardless of the value of your possessions, there are many other instances where renters’ insurance is key to helping you stay financially secure.
Let's take a look at the top reasons why you need renters’ insurance.
1. PROTECT YOUR PERSONAL POSSESSIONS
If something were to happen to your apartment or rental home, your landlord’s insurance policy will cover the structure, as well as all cabinets, appliances and other property that THEY own. However, YOUR personal property, like your TV, furniture or laptop, is not covered under your landlord’s policy. Renters’ insurance can help cover costs to replace your belongings after covered events, such as a fire or robbery.
Tip: Know if your policy covers the Actual Cash Value or Replacement Cost of your belongings. Replacement Cost covers the full amount to repair or replace the item. Actual Cash Value will reimburse you for how much the item is worth in its current condition, accounting for wear and tear over the years. We are happy to go over this with you.
2. CREATE A SAFETY NET FOR LIABILITY COSTS
It’s easy to dismiss the need for liability coverage and think, “My guests won’t sue me.” But what if your dog bites a neighbor? Or you leave the oven on and cause damage to other units in the complex. If you are negligent or at-fault for damage to your landlord, fellow tenants, guests or their property, the liability coverage in renters’ insurance can help cover litigation expenses and any other costs for which you are held accountable. Most people do not even consider these possible scenarios!
3. KNOW YOU CAN AFFORD A TEMPORARY HOME AWAY FROM HOME
If there’s a disaster that makes your apartment uninhabitable, renters’ insurance may cover additional living expenses if you need to relocate.
4. KEEP YOUR POSSESSIONS COVERED ANYWHERE IN THE WORLD
On vacation and your laptop gets stolen? Renters’ insurance covers your belongings even when they’re not in your home or apartment. However, your possessions won’t be covered to the extent that they would if a loss were to occur while the item is in your residence. There is often a limit on how much you can be reimbursed. We can go over this with you as well!
This blog post is obviously the short story on why you need to have renters' insurance if you are renting. Hopefully you now realize the benefits and agree that YES, YOU DO NEED RENTERS INSURANCE! Many insurance companies will offer a discount if you purchase BOTH your renters’ and auto insurance with them. And by having your policies with our independent agency, you access to many top-rated carriers!
Give us a call if you are interested in a quote! We're here to help in any way.