Renters Insurance is a type of insurance policy designed to protect tenants who rent a home, apartment, or condominium against financial losses and liabilities. While landlords typically have insurance coverage for the physical structure of the rental property, renters insurance covers the personal belongings of the tenant, liability for accidents on the premises, and additional living expenses if the rental becomes uninhabitable due to covered perils.
Here’s why renters insurance is important:
Overall, renters insurance is an essential financial tool for tenants, providing valuable protection for their personal belongings, liability risks, and additional living expenses in the event of unexpected events or disasters. It offers affordable coverage and peace of mind, allowing tenants to rent with confidence and security.
Don’t hesitate to contact Murphy Insurance at 800 222 8711 or submit an inquiry via our Contact Us form to learn about our Renters Insurance.
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Did you know? According to a survey by Apartments.com, 58% of renters don’t purchase tenant insurance, often due to misconceptions about its cost or existence. However, the average price for a policy covering $20,000 in personal property and $500,000 in personal liability is approximately only $200 a year, making it an affordable option for protecting your belongings and financial security.