Do you like your laptop? How about your sofa? Could you afford to buy them again if a fire destroyed your apartment? Do you have a plan to replace your TV, clothes, or jewelry if a thief decides to pick the lock on your door and share them with craigslist or the local pawn shop?
No? Well then—you definitely need renters insurance.
Renters insurance protects your possessions if they’re damaged, vandalized, or stolen while you’re renting.
Simply put, renters insurance protects you from unpredictable catastrophes, like fires, electrical surges, and explosions. Without renters insurance, you’ll go broke paying out of pocket for everything you lost in a fire or burglary.
Sorry to burst your bubble, but your landlord’s insurance covers the brick and mortar building that you live in. It won’t cover the loss of your electronics, furniture, jewelry, sports equipment, or collectibles—no matter who’s at fault.
No. If your roommate has renters insurance, she has insurance for her—not you. Some insurance companies offer one policy for multiple roommates. And while this may seem like the easiest thing to do, you could find yourself in a poor situation, especially if one roommate makes multiple claims and your rate goes up because of it. That’s why it’s always better to have your own policy.
Renters insurance is cheap, starting around $12 per month and up depending on a several factors. Even if you’re paying off student loans or saving for the down payment of your first home, it cost as little as $0.40 day to insure $10,000 to $50,000 worth of stuff.
A basic renters insurance policy will cover the following things.
Bikes. Kayaks. Computers. Whatever you own, renters insurance covers it. Like other types of insurance, you have to pay a portion—called the deductible—before your coverage kicks in.
For example, if you set your deductible to $1000 and you lost $3000 worth of stuff, you’d pay $1000 and your insurance company would pay the remaining $2000.
Renters insurance covers accidents that happen in your apartment. For instance, if your dog Tiny unexpectedly bites someone, or if someone slips on your floor and breaks his nose, renter’s insurance would help pay their medical bills.
And if you’re the humpty dumpty of your apartment, liability also covers clumsiness. So, let’s say you left the water running in a plugged bathtub and you flooded your apartment. Renter’s insurance would not only help pay to put things back together again, but will also pay for the damages you caused to your neighbors.
Imagine a fire has destroyed your apartment and you’re left without a roof over your head. Where do you stay? What will you eat? Renters insurance will pay for your lodging, clothes and even your food until you have another place.
You’ve worked too hard to get your stuff and risk having it all disappear overnight. An independent insurance agent can help you find the right renter’s insurance without losing on coverage. Call 888-221-2640 or email: firstname.lastname@example.org