Best Insurance Services
Feb 26, 2015
Most people know that they need health insurance and auto insurance, but what about renters insurance? Is it really necessary? The short answer is: yes. To understand why renters insurance is important, you need to know more about how it works. Keep reading to learn more.
There are three main types of renters insurance coverage: personal property coverage, liability coverage, and additional living expenses coverage.
Personal Property Coverage
This coverage insures your personal property against damage or loss due to things such as theft, fires, or floods. It will cover the cost of replacing clothing, toys, jewelry, furniture, appliances, electronics and more. Normal policies protect your property even when you are away from home.
This coverage protects you if you are sued by a guest who was injured in your apartment. It can pay for medical expenses and legal protection.
Additional Living Expenses Coverage
You’ll lose more than just your personal property if there is a flood, fire, or other disaster at your apartment—you’ll also be out a place to live. This coverage can pay for hotel bills, the cost of eating out, and other expenses incurred by being displaced from your normal home.
It may be tempting to choose the cheapest possible renters insurance policy—maybe you’re trying to save money, or maybe you live in a little apartment and don’t think you have that much property to protect in the first place. Before you make a final decision, look closely at your belongings. Little things add up. How much would it cost to replace your laptop? How about every single pair of shoes you own? How much would you have to spend to replace ALL of your clothing, appliances, furniture, books, and blu-rays? A $20 shirt may not seem like much, but restocking your whole wardrobe could add up fast.
For more help choosing the right amount of coverage, talk to an insurance agent—many companies will give you a free quote that will help you evaluate your needs.
If you are looking for ways to save money on insurance premiums, don’t skimp on coverage, ask about discounts instead. For example, some insurance companies offer discounts if you install burglary alarms or bundle your renters insurance with other products like umbrella policies and auto insurance.
So now you know what renters insurance covers—but what makes it so important? There are three main reasons you need to invest in renters insurance:
1. Many rental properties require you to carry rental insurance in order to live there. If you don’t have renters insurance, or if you let your coverage lapse, you may be violating your lease agreement.
2. Your landlord’s insurance policy only covers the building. You may think you are protected by your landlord’s insurance, but you’re wrong. Rental properties are insured for the building’s structure, but none of the stuff on the inside—your clothes, TV, and couch—is covered by their policy.
3.Little costs can add up. The last thing you want to worry about in the middle of an emergency is money. The stuff you own has accumulated for years, and it would take many years’ worth of income to replace it all at once. Don’t run the risk of losing everything.
Renters insurance is a smart and surprisingly affordable investment that will bring you peace of mind. Check out Best Insurance Services for a free quote and start protecting yourself and your property today.
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