Having a good renter’s insurance policy can mean the difference between protection and disaster in the event of property damage or theft. According to an Insurance Information Institute poll conducted found that only 37 percent of renters had renters insurance, compared to the 95 percent of homeowners that have homeowners insurance.
Often, tenants have a false sense of security thinking that they will automatically be covered if something were to happen to the home they are renting from a landlord or property manager – though that is not always the case. Most renters don’t feel the need to get this coverage when, in fact, it can protect you in the event of one of the following occurrences.
Theft
You probably have valuable items in your rented home or apartment such as computers, TVs, jewelry and even firearms. When you have renters insurance, in the event of theft or damage to these items, most renters insurance offers a standard payout, often replacement value.
Fire
It’s your worst nightmare, right? You come home only to find your home or apartment surrounded by fire trucks. Your neighbor thought he had put out his cigarette and though your apartment didn’t burn down, all of your belongings were damaged by smoke and some of it by the fire. Renters insurance can pay you for your loss and pay for a place to stay while the damage is repaired.
Personal Injury
Planning to throw a party and invite all your friends and family? Sounds fun – but what if one of your guests slips on your new rug in the hardwood hallway and hits her head on the way down? Your renters insurance will cover your liability for her injuries. It typically provides liability coverage from $100,000 to $500,000, which is ample for a tenant. If you desire more, you can purchase and umbrella policy up to $5 million in liability coverage.
These are just three main ways renters insurance can protect you as a tenant. The policies are usually inexpensive and worth having the protection. If your belongings are stolen, damaged or destroyed by fire, storms, smoke, vandalism or other covered causes, renters insurance provides you with peace of mind because you know they’ll be replaced.
If you would like a quote, you can call us at (877) 215-5431 or fill out a form, and find out if you’re covered properly.