Why It’s a Good Idea to Have Renters Insurance
Many renters don’t have renters insurance. In fact, while 96% of home owners have home insurance, it is estimated that under 50% of renters do.
Why? Well, many renters entertain a major misapprehension: that a landlord’s policy protects them. It doesn’t. Any landlord’s insurance policy is designed to protect what the landlord owns. It will protect the outside of the building. It will also protect anything the landlord owns inside, from walls to fixtures to appliances. But it will not protect a renter’s furniture, clothes, personal items, or computer.
Many renters also don’t have a renters insurance policy because they don’t think anything will happen to their things. Far from thinking that a landlord’s policy protects them, they understand that it doesn’t, but don’t believe that their stuff is subject to damage.
The problem is, everything is subject to damage. As careful as individual renters may be, the building could be hit by lightning and burn to the ground. Theft can never be entirely ruled out. Acts of nature such as hurricanes and tornadoes can damage buildings and everything inside them. Careless upstairs neighbors can leave the water running and damage everything people on floors beneath them own.
Renters should consider what it would cost to replace everything they own. A couch, some chairs, a laptop, books, and clothes could easily add up to $10,000 or more. If they have more, of course, the expense out of their pocket could be much more.
Insurance is always bought to lessen risk. Renters have as much need to lessen risk of losing their belongings through accidents, misfortunes of nature, or mischief as anyone else. Renters insurance should be part of every renter’s life.
Contact us for more information on renters insurance.