Renter’s Insurance: 6 Good Reasons Why You Need It
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), 55% of U.S. renters, or 61 million people, currently have renter’s insurance policies, up from 40% three years ago.
Why such a significant increase?
With increasing housing prices and rising mortgage interest rates, owning a home remains out of reach for many young people. Amid a volatile housing market, the renter’s insurance industry is expected to remain steady with the anticipation of gaining
new customers throughout the coming year.
As a tenant, what is the risk if you do not have renter's insurance?
Renter’s insurance protects renters who experience unplanned personal property damage and certain liabilities. A landlord’s policy protects the structure of the building.
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 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 rental 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!
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.