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Renters’ insurance is an unsung hero in the loss prevention industry. It is affordable and covers much more than what people may believe. Renters’ insurance, for example, can cover belongings when traveling and defend you against liability claims. But there is even a more significant issue that renters’ insurance can help renters with. It can cover financial loss from a burglary. That is a big potential problem for those who rent.
The first thing to understand is that if you rent, your personal property will not likely be covered by your landlord’s insurance. Your landlord will have insurance to cover his own interests but will not cover the property of those who rent from them. A renter should take responsibility for their own property and actions. You must insure against the loss of your own belongings, as well as liability risks.
Burglary is also a more significant problem for renters than others. Statistics show renters are more susceptible to burglary than traditional homeowners. Many renters live in properties that may not have security systems or be as secure as a private home.
There are a few things to keep in mind with renters’ insurance. While renters insurance is relatively inexpensive, having too high of a deductible can make your renters insurance less valuable. Keep in mind that if you have a $1,000 deductible and have a $1,000 laptop or other personal electronic devices stolen, your coverage will not kick in. Purchase renters insurance with a low enough deductible to make it worthwhile in the event of a loss.
Many renters may feel that foregoing homeowners’ insurance is one of the benefits of renting. The fact is you can still be held liable for personal accidents in your rental home and are certainly responsible for your own property. Just as important is you may be at more risk of a burglary if you rent.
What you should do is contact us for a no obligation, no cost quote on renters’ insurance. Tell us about where you are renting and what your risks may be. Our independent agents will search multiple insurance companies who specialize in renters’ insurance. You will have the choice of which plan to accept.
Find out how practical and affordable renters’ insurance can be. Connect with us today. We would appreciate the opportunity to serve you.