Top 5 Reasons to Get Renter’s Insurance
If you are renting a home or apartment, you may think that you do not have to carry insurance because the building owner carries insurance. Unfortunately, many people incorrectly assume they are covered under their landlord's insurance policy. In reality, having your own renters insurance is crucial for protecting your belongings and yourself from liability.
Here are five reasons to purchase renter's insurance:
Your landlord might require renter's insurance.
Simple. If you want to rent the house or apartment, you might be required to purchase renter's insurance and show your landlord proof of your policy.
Renter's insurance will cover your personal property.
Even if you think you don't own much, the cost of replacing your items will add up quickly if necessary. Your renter's insurance policy will cover losses, including jewelry, electronics, clothes, and furniture. Some of the issues that most renter's insurance policies cover include:
Explosions
Fire and smoke damage
Weather incidents
Riots
Theft and vandalism
Water Damage
Your policy will also extend to cover losses or damage when you travel.
Renter's insurance gives you liability coverage.
Many people don't realize that if someone is injured on the property you rent, the injured person can sue you. This injury can occur with a friend, a neighbor, or a pizza delivery person. With a renter's insurance policy, you are protected if someone is injured in your home or if you accidentally injure someone. Your policy will cover your court costs and legal fees up to your policy limit, typically $100,000.
Renter's insurance can cover additional living expenses.
Another benefit of renter's insurance is that if your residence becomes uninhabitable due to one of the events your policy covers, the insurance coverage will provide for you. Your renter's insurance will cover the expenses related to living somewhere else, food, and more. Each policy varies as to the limits on this option.
Renter's insurance is very affordable.
The best part of renter's insurance is that it is very affordable. A policy might average cost $15 to $30 a month. Of course, the cost depends on where you live, your coverage, and your deductible. Either way, it is a manageable monthly cost for the peace of mind the renter's insurance will bring.
As your local Allstate Agent, Eric Kyer can offer customers options for various coverages and services. You can depend on Eric's commitment to helping Dalton residents assess their immediate and long-term needs and choose options to help them achieve their goals.
Eric is available to answer your questions when you want to explore options for protecting your home, personal property, or financial future. If you're already a customer, let Eric review your coverage so that you can make any necessary adjustments to fit your changing needs. Call Eric Kyer today at 706.226.5240, request a quote online, or send an email.
Sources
https://www.investopedia.com/articles/personal-finance/082714/6-good-reasons-get-renters-insurance.asp
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