Many renters overlook buying renters insurance because of they believe it to be an unneeded cost. However, here are five things to consider about renters insurance that you might not have been aware of before:
1. Landlord is not responsible: Your landlord is not responsible for the items that you have inside of your apartment. This is why many landlords require that their renters have renters insurance. With insurance, you’re covered in the case of fire or theft. Without it, your losses must be paid out-of-pocket.
2. Not all policies are the same: You can personalize your insurance coverage to meet your needs. Coverage amount can be anywhere from $10,000 to $100,000. Some policies will replace lost items from a fire or theft and some will just give cash for the total cost of the items lost. Ask your agent about the details of your policy.
3. Affordable: Most of the time, renters insurance is avoided because people believe it will cost much more than what it’s worth. However, the average amount for having renters insurance is about $15 to $30 per month. The cost will vary depending on location, as well as the type of property you live in.
4. It is worth it: You might think that all of your items are not worth covering. However, if your computer, your phone or all of your clothes are lost, think about how much you would have to spend to replace it all. Having renters insurance is definitely worth saving your money on replacing every single item in your possession.
5. Extra protection: Renters insurance can also provide liability coverage. This means if someone is hurt in your apartment, the medical and legal costs can be covered.
Renters insurance is definitely worth having. Call your agent to get started today!
Learn about your coverage options. Call Hill & Stone Insurance for more information on renters insurance.