Not everyone wants to own a home these days. A lot of people are choosing instead to rent. And while these renters don’t own a home, they do own a lot of stuff. Furniture. Laptops. Appliances. Clothes. Shoes. Sports equipment. It’s an endless list of things. Add it all up and it’s worth a lot. It’s probably worth thousands of dollars. Could you afford to go out and replace it all if it suddenly disappeared? Tenants insurance should be a consideration.
As a renter, you want to make sure your belongings are protected. Replacing all your belongings could be expensive, especially if you need to replace everything you own at the same time. And if you think that won’t happen, we know that it does. Too often.
Someone breaks into your apartment and takes all your most cherished possessions. Everything all gone. Or there is a fire or severe weather and all your belongings are destroyed. You now need to replace all this stuff or go without.
It’s quite a mess you’re in. But it could get messier, and financially crippling, if you don’t have a renters insurance policy (also called a tenants policy). Most tenants insurance policies will cover your property at its full replacement cost; whether you rent a house, condo or an apartment. With this simple and very inexpensive coverage (in some cases basically free – see below), you could end up saving thousands in the event of a claim.
Yet despite the affordability of such policies, in comparison to the staggering costs that would be incurred in a worst-case scenario, many renters don’t think they need it, decide that they don’t want it or don’t really know that it’s available. That’s unfortunate. After all, for less than a dollar a day (for a typical policy) you can have peace of mind knowing that if something bad happens and all your belongings were gone, you can get them back; and get back on your feet again.
Some people think that the landlord’s policy will cover their loss. Landlords have property insurance for the building itself, but, as the renter, this doesn’t extend to the contents of your place. Nor does the landlord’s coverage cover your personal liability if, for example, a visitor is injured at your place or you damage someone else’s property in the building; when the dishwasher overflows and floods the unit under you. The landlord’s coverage probably only covers the building where you live; not your belongings or your liability for accidents.
This is why you need renters insurance. A renters insurance policy covers your belongings; basically, everything you own. This type of policy would cover things like water damage, fire, smoke, theft, vandalism and lightning and wind damage. And if someone is injured during an accident in your home, tenants insurance can help protect you in the case of a liability lawsuit.
And the good news, you could get tenants coverage basically for free. Sound interesting? If you get a tenants policy along with an auto policy, you can often get a multi-policy discount from some carriers. The discount on your auto policy can, in many cases, cover the cost of the tenants policy. That’s a pretty good deal! All that coverage and at no extra cost!
If you would like more information on Tenants Insurance (and how you can bundle this coverage with auto and get it basically for free), or if you have any questions on your home or auto insurance, please contact Munn Insurance at 855-726-8627 today.