According to a 2016 poll reported by the Insurance Information Institute, 95% of homeowners said that they had Homeowner’s Insurance while only 41% of renter’s said that they had Renter’s Insurance. However, Renter’s Insurance is not only highly beneficial in protecting you and your personal belongings, it is also cheaper than you may think! Most Renter’s policies, depending on coverage requested and location, range anywhere from $100 to a couple hundred dollars for the YEAR!
Here are 5 reasons why you should consider getting a Renter’s Insurance policy even if your landlord does not require it:
- It protects your personal belongings – this includes your furniture, clothing, and other household goods. This includes up to 10% of your limit outside of the residence (i.e. belongings kept in your car or taken with you while you travel).
- It provides Liability Coverage – If someone were to be injured in your home or if you were found to be legally responsible for causing bodily injury or property damage to others, they could come after you for damages. This could become very costly.
- Your landlord’s Insurance policy does NOT cover your personal belongings
- It can provide coverage for Loss of Use – if you were forced to leave your home due to a covered loss (such as a fire), it could help cover expenses for temporary lodging
- You can give a big discount on your auto insurance – not only is the Renter’s policy affordable on its own, it can also help to lower your premium on your auto insurance if they are written with the same company.
For a renter’s insurance quote or if you have any questions on your specific coverage, please give a call!
