If you’re like most people, you’ve probably always thought of renters insurance as an afterthought—something that would be nice to have but wasn’t a total necessity. Unfortunately, many renters find out the hard way that not having coverage is a big mistake.
Here are three facts to consider to help you decide whether or not you need renters insurance.
Fact #1: Renters Insurance Covers Your Personal Property
The top reason why many purchase this type of coverage is that it pays to replace your personal property if you have a covered claim. For example, if there is a fire in your apartment or you have a break-in, your policy will pay to replace the damaged or stolen items without forcing you to pay out of pocket.
However, one of the most overlooked facets to renters insurance is that it also covers your items during travel. This means that if you have belongings stolen from your suitcase or taken from your car, they would most likely be replaced using your policy. This is an important tidbit to remember if you regularly take vacations or business trips.
Fact #2: Your Landlord Might Require a Renters Policy
Most financial savvy landlords understand that their property coverage does not include personal belongings of tenants. This means that if there is any sort of incident, they are not required to replace your stuff. Furthermore, if someone becomes injured while visiting your apartment, your landlord is also not liable for any medical bills incurred during the incident.
This is why many landlords and property management companies now require tenants to have rental insurance and show proof of coverage. By making this a condition of renting the apartment, the landlord is ensuring you know that they are not in any way responsible for your personal items or any liability incidents.
Fact #3: Renters Insurance is Affordable
Renter’s insurance is often more affordable that most believe. Policy premiums usually only range between one and two hundred dollars a year—equating to only a few dollars per month for added peace of mind. Furthermore, many carriers often give a substantial discount off your auto insurance for having both types of coverage in force.
Of course, exact coverages and discounts available regarding renters insurance vary by individual circumstance. For more information on this type of coverage or any others, please contact our team at Mid Atlantic Insurance Financial today.