Attention all renters! Do you have a renters insurance policy? If not, it is time to rethink your decision. In a world of unknowns, you do not want to gamble with all of your belongings. Check out what makes renters insurance so important and why you should get a quote today.
- You Never Know What Your Neighbors Are Doing
If you are a renter in an apartment complex, duplex, or condo, you share walls with your neighbors. The main problem with that is you don’t know what your neighbors are up to at any given time. No matter how diligent you are about blowing out candles, turning off the stove, never using space heaters, your neighbors could be very careless. I’m not trying to scare you, but really do you trust your neighbors with your belongings?
- You Could Lose Everything You have Worked For
All it takes is one unattended candle, one faulty electrical wire, one deadly tornado and all of your belongings are disintegrated. What would you do? How would you start over? A renter’s insurance policy would provide the protection you need to get your life back on track. Clothes, furniture, electronics and a whole lot more of your accumulated belongings would covered whether you want to replace them or not would be up to you.
- You Will Need A Place to Go After a Major Claim
You may not know this, but renters policies don’t just cover your contents. They also cover loss of use, meaning if you are unable to live in your apartment due to a covered loss, your insurance policy will cover the costs of temporary housing. That could mean the costs of a hotel for a week, or it could be another apartment if you are put out for an extended period of time. Renter’s policies either come with a year of covered expenses or a fixed dollar amount of coverage. Ask your insurance agent how much coverage is offered for loss of use. Seriously, this coverage could mean the world of difference if you ever find yourself in a major disaster. Staying with Mom and Dad can only last so long, and is not always a possiblity.
- Liability Protection
Lots of renters think they have no risk of being held liable since they rent. Well I have news for you, if you own a dog you could most definitely be held liable for your dog’s actions. Dogs have a lot of contact with other residents when living in an apartment community. Even the most lovable dog can have a bad day and bite someone. A renter’s insurance policy would protect you in this situation. It might surprise you that claims can even be paid out when no blood is drawn.
Here is another scenario, what if you were the one who had a grease fire get out of hand and burned the complex down? Could you be held liable? Well, its not impossible. More than likely someone will try to go after the at-fault party. A neighbor without insurance could sue you. Or, a neighbor who files a claim on their renter’s insurance policy could result in the insurance company subrogating and looking to be reimbursed by the at-fault party. Or, the landlord could go after you for their deductible. In any case, unless you have your own renter’s insurance policy to protect you, bankruptcy will probably be in your future.
- Renter’s Insurance Could Cost $15 or Less a Month!
If a few favorable factors come together at the same time, you could get a renter’s insurance policy at a very low cost. Purchasing your renter’s insurance through your auto insurance carrier is the key. Even though your renter’s insurance may cost between $20 and $40 a month, you could potentially save that much on your auto insurance policy. The multi-policy discount is one of the biggest discounts you can get on your auto insurance. Use the savings on your auto policy to pay for your renter’s insurance and there you have it, renter’s insurance for $15 or less.