Do I Need Renters Insurance?



Do you need renters insurance?

You rent your place of residence.  You need renters insurance.  If it’s a home, apartment, condominium or yurt, if you rent it, renters insurance is designed with you in mind.   Policies provide coverage for your furniture, clothing, electronics and more.  It provides personal liability to protect you if a guest is injured or your dog bites someone and you are sued.  It can also provide funds to cover the cost of living somewhere else if your residence is damaged and you are forced to move while repairs are made.

What if my Landlord has insurance?

Your landlord’s insurance policy provides coverage for the structure and their liability.  If you are sued the landlord’s policy will not pay to defend you.  It will not replace your contents if they are damaged while in your residence.  It’s up to you to purchase coverage.

What does it cost?

Renters insurance policies are typically inexpensive.  Depending on the limit of coverage you purchase for your household property average premiums range from $10 to $25 per month.

What can I do to save money on my renters insurance?

There are several ways you can reduce the cost of your renters insurance.

  1. Shop around – or use an independent insurance agent who will shop many companies for you
  2. Don’t purchase more than you need. Be realistic about what it will cost to replace your property.
  3. Look at different deductible options.  The higher the deductible, the lower the premium.
  4. Package your renters insurance with the same carrier as your auto insurance.  Package discounts can be up to 25%
  5. Pay in full – some carriers offer a discount if premiums are paid in full.  At the very least it will save you a monthly billing fee.

I don’t own much, is it worth it?

Honestly, renters insurance is worth the premium simply for the personal liability.  Lawsuit defense and settlement costs will come out of your pocket.  For about $2 a month, $500,000 personal liability protection can be added to the renters policy.  It’s a wise investment.

Added bonuses

  1. Renters insurance can move with you.
  2. If you decide to purchase a home you may qualify for lower premiums because you have current insurance.
  3. Replacement cost coverage allows you to purchase NEW replacement items in the event of a covered loss.
  4. Special items, such as jewelry or collectibles, can be listed on the policy for extended coverage.
  5. If the package credit applies you may find you pay LESS overall for your renters and auto than you currently pay for your auto insurance.

 

I’m ready to get a quote!

WONDERFUL!  Contact us by email or give us a call.  We’d be happy to help you.

 


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