If you don’t have renter’s insurance, it’s time to reconsider

Renting out a home or apartment? Great! Do you have insurance to protect your belongs in the property? If you don’t, you might really want to sit down and consider this. Renter’s insurance can mean great things for overall financial and home security, so that’s why it’s surprising that not enough people are getting it.

According to the Insurance Information Institute (III), more and more people in the U.S. are deciding to rent, but less and less are purchasing renter’s insurance. III estimates show that only 37 percent of renters actually have renters insurance. Compare this to 95% of homeowners who have a homeowner’s insurance policy. The difference in this is staggering.

When you weigh out the benefits versus the costs (in which there is only one cost – a cheap annual price), you’ll quickly see why jumping on the renter’s insurance train is the smart move to do.

You landlord insures the property…not your belongings

This is a common misconception for renters – many believe that the landlord’s insurance policy protects the property of the tenants, but this is simply not true. The landlord owns the property and only the property. What is yours is yours. Their policy does not protect any of the belongings that you have, but your own renter’s insurance policy will.

While it isn’t the case in all lease agreements, some landlords require that tenants purchase renter’s insurance. Landlords who don’t require renter’s insurance will still heavily recommend that it is done so in the lease.

Renter’s insurance is cheap. Really cheap

Renter’s insurance is not like dealing with the monthly burden of paying car insurance or health insurance. In fact, those who have a renter’s policy will just pay one lump sum for the entire year because of low rates.

According to the Independent Insurance Agents and Brokers of America, the average yearly cost of renter’s insurance is $144 a month. We didn’t forget any numbers; renter’s insurance really is that cheap.

Renter’s insurance doesn’t cover just theft

If you get renter’s insurance, you’re protecting yourself from more than just burglary/theft. The list is quite long actually, but here are just some other damages that renter’s insurance protects against:

  • Fire
  • Thunderstorms/Hail
  • Vehicles
  • Falling Objects
  • Weight of ice and/or snow
  • Volcanic eruptions

So if you can show that damages to your own belongings were of no fault of your own, renter’s insurance essentially has you covered.

These three points should summarize the many benefits of getting renter’s insurance, and it’s also really easy to set up. If you are currently paying car insurance, there’s a good chance that your company also has renter’s insurance policies available.


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