Whether you’re renting a single-family home, an apartment, or a condo, rental insurance can protect you and your belongings from unexpected disasters. However, many renters think they don’t need insurance or that it’s not worth the money.
There are more reasons to buy renters insurance than you may realize — and it’s far less costly than you might think. Here are a few key reasons why rental insurance coverage is essential.
You Aren’t Covered Under Your Landlord’s Homeowners Insurance
Homeowners insurance policies pay to repair or replace belongings destroyed in a fire or other disaster. However, your landlord’s homeowners insurance policy only protects the structure of the home itself.
If your home or apartment is destroyed in a tornado and you lose everything you own, your landlord’s insurance would pay to replace the house, but not your belongings. Your rental insurance could pay to replace your property, though.
Rental Insurance Protects You From Liability
Insurance for rental homes isn’t only about protecting your belongings. It can also safeguard you legally. For example, if someone visits you and gets injured in your home, you may face a civil lawsuit. Rental insurance can pay for your legal defense and any damages you’re ordered to pay up to your policy limit.
Your Belongings May Be Worth More Than You Think
A common piece of advice given to renters is to only purchase rental insurance if you can’t afford to replace all of your belongings if they were destroyed. If you don’t own anything of particular value, you might not think rental coverage is worth it. You may be surprised, however, at how much your personal property really costs.
Go through your home and add up the approximate value of everything you own. Even if you don’t have expensive jewelry or high-end artwork, the total value of your clothes, electronics, and other belongings is probably more than you think.
It Might Pay for Your Housing After a Disaster
What happens if your home is completely destroyed and you need to live somewhere else while it’s rebuilt? You may not have to continue to pay rent, but you will need to find somewhere else to live.
If you have rental insurance that includes “loss of use” coverage, it can pay for your meals and accommodations if you’re suddenly displaced by a disaster.
The Premiums Are Not Very Expensive
If you’re saving money to buy a home or otherwise trying to cut costs where you can, you might not think it’s worth it to purchase renters insurance. However, the average rental insurance premium is lower than most people realize. Currently, it’s about $15 to $30 per month.
Need Help Finding a Renters Insurance Policy?
Navigating the insurance landscape can be confusing and overwhelming. If you need help, the knowledgeable team at Warrior Insurance & Services Group is just a call away.
Unlike insurance agents who work with a single company, we’re a team of independent agents. This means that we compare quotes across multiple providers to find the policy that fits your needs. If you want to learn more or get started, get in touch for a free quote today.
