Renter’s Insurance: 6 Good Reasons Why You Need It

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The bottom line is that without renter’s insurance, you’re at risk!

Your landlord’s insurance policy covers their property, but it leaves you and your belongings unprotected! Do you have the protection you need?  

According to the Insurance Information Institute (III), less than 40% of renters purchase a renter’s policy!

Why so few?

For starters, many tenants assume they are covered by their landlord’s policy.  If you’re renting an apartment or home, you might not be aware that the insurance policy your landlord is required to have only insures the losses to the structure of the building, home or duplex!  Your personal property and certain liabilities, however, are only covered through your renter’s insurance policy that you, as a tenant, should have!

 Another explanation could be that a tenant might feel they don’t have enough valuable items to justify paying for renter’s insurance.

One of the most important risks you take when you rent without insurance is liability.  If someone is injured in your rented space – a friend, neighbor, or the pizza delivery driver – they could sue you.

6 Good Reasons To Buy a Renter’s Insurance Policy

It isn’t as expensive as you think.  

Depending upon certain risk factors, such as the coverage you need, the type of coverage you choose, the amount of your deductible and where you live, your insurance policy could be pennies compared to what you could potentially lose if you didn’t have it!

It covers losses to your own property.

A renter’s insurance policy protects against losses to your personal property, including clothes, jewelry, luggage, computers, furniture, and electronics.  Even if you don’t think you own much, it can quickly add up to a lot more than you realize—and a lot more than you’d want to pay to replace everything.

Your landlord might require it.

A growing number of landlords require tenants to purchase their own renter’s insurance policies; whether to cover any gaps in coverage or because their insurance policy requires it, you’re a more attractive tenant when it comes to applications, too!

It can provide liability coverage.

Liability coverage can be added to your renter’s insurance, providing protection if someone is injured while in your home.  This coverage pays any court judgments, as well as legal expenses, up to the policy limit you choose.

It covers your belongings when you travel.

Renter’s insurance covers your belongings, whether they are in your home, car, or with you while you travel.  Your possessions are covered from loss due to theft and other covered losses anywhere you travel in the world.  You’ll want to ask your independent agent for details on what constitutes “other covered losses.”

It may cover additional living expenses.

If your home becomes uninhabitable due to one of the covered perils, your renter’s insurance policy may cover “additional living expenses,” including costs associated with living in a temporary space, food and more. Check with your policy to find out how long it will cover additional living expenses, and if it caps the amount the company will pay.

The bottom line is that without renter’s insurance, you’re at risk! 

Talk with your independent agent today and ask about multi-policy discounts!  When you combine your auto insurance with renter’s insurance, you can save big!

At Preferred Mutual, we help you live assured by protecting what matters most to you!  So, go ahead and make the move.  We have you covered.

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