As a renter, it may be easy to overlook the value of having renter’s insurance, and many do.
In fact, A 2015 Insurance Information Institute poll conducted by ORC International found that 95 percent of homeowners had homeowners insurance but only 40 percent of renters had renters insurance.
Many renters may mistakenly believe that they don’t need insurance if their landlord carries property insurance. However, this coverage only extends to the building itself, leaving the renter unprotected.
So what 4 key benefits are 60% of renters going without?
1. Personal Property Protection
In the event of one of many potential issues that could result in damage or loss of your personal property (such as fire, theft, vandalism, hail, etc), Renter’s Insurance covers the replacement costs of said property. The expenses of replacing personal items such as furniture, electronics, etc can add up to thousands very quickly. The financial burden of replacing personal belongings may prove significant.
2. Liability Coverage
Liability coverage in case someone is injured in your home is standard in most renter’s policies. It can also pay for legal expenses and court judgments resulting from applicable incidents.
3. Travel Protection
With renter’s insurance your personal belongings will be covered whether they are in your home of not. Damage/loss/theft of personal belongings may be covered anywhere you travel in the world.
4. Additional Living Expenses
If you are required to vacate your home due to one of the covered events, you may also be able to receive help with living expenses that come as a result; such as temporary housing, food, and more.
Maintaining adequate renter’s insurance is surprisingly affordable, especially compared to home owners coverage. However, in the event of an unforeseen problem it may prove invaluable.
For more information and a quote, contact us at (805) 963-4048.
