5 Reasons to Purchase Renters Insurance
Renters insurance provides coverage designed to help protect you and your belongings. While you may not be able to prevent certain situations such as theft or an injury to a visitor, renters insurance can serve as an inexpensive way to help minimize the impact.
1. You aren’t covered under your landlord’s policy
Most landlords only have insurance that covers the damage to the actual building, which leaves your belongings (electronics, clothes, furniture, etc.) vulnerable to loss. In order to protect your possessions you’ll have to secure renters insurance. Some landlords may even require tenants to have a minimum amount of liability coverage.
2. It covers your personal belongings
A renters insurance policy protects against losses to your personal property such as clothing, jewelry, electronics, furniture, etc. in the event of a fire, theft, damage, and other perils. According to esurance.com, the average renter owns about $20,000 worth of personal property.
3. It’s affordable
According to the National Association of Insurance Commissioners (NAIC), the average premium for a renters insurance policy is between $15 and $30 per month depending on how much coverage you need, where you live, the type of coverage you choose, and the amount of your deductible.
4. It provides bodily injury liability coverage
Liability coverage is included in standard renters insurance policies. If a visitor is injured in your home, your policy can cover medical expenses and even legal fees up to the policy limit.
5. It can cover temporary living expenses
If you can’t stay at your home due to a covered incident, renters insurance can help to cover any relocation or additional living expenses up to the policy limit.
How we can help
We can evaluate your unique situation and ensure you have the right coverage at the best price. You can also combine your renters and auto insurance policies for extra savings!