Renters, You Need Insurance, Too!

According to a survey by Apartments.com, 58% of people who rent a house or apartment don’t purchase renters insurance…often because they didn’t know it existed or thought it was expensive. Yet, the average cost for a policy covering $20,000 in personal property and $500,000 in personal liability is approximately only $200 a year. That’s less than $17 a month or 55¢ a day. If you reduced going out to eat by one time a month, you could pay for renters insurance.  And, if you skip a “big night out,” you could pay for the entire year of coverage in one night.

Your landlord’s insurance does not cover your personal belongings. It’s a common misconception that your landlord’s policy provides coverage for you. It doesn’t! If you don’t have a policy because you’re trying to save, imagine spending thousands of dollars to replace your possessions. Sometimes, people don’t buy renters insurance because they think their stuff isn’t worth that much. But don’t focus on the “actual current value” of what you’d get if you tried to sell all your possessions. Instead, think about the “replacement value” of what it would cost to buy everything new, which is what can happen if there is a fire.

It’s not just about your stuff.  It’s about your being sued. You could easily be sued if someone is injured in your home or you damage someone’s property. Not only will you have to pay to defend yourself, but if found responsible, your assets plus current and future wages are at risk.

If you don’t have renters insurance but think you should have it, don’t procrastinate. Please Contact Us today to learn more.