Renters Insurance – Worth Every Penny

The cost of renters’ insurance is so affordable we don’t understand why people who rent do not buy it.  Whats more, the best renters insurance is coverage that is almost free!? Free you ask? Well, today insurance companies offer a discount when you bundle coverage.  Combining your auto and renters insurance with one carrier could save you almost enough to cover the renters policy. Sometimes it does!  So we suggest the next time you have some down time take a quick look at all the things you own and write down a rough list. Clothes, furniture, appliances, televisions and all the things you’ve have accumulated- it adds up. And then ask yourself, if it was all gone tomorrow; including the place you call home- could you afford to replace it?

So we covered all your personal items and the stuff you own, but what about if you lost everything because someone got hurt do to your actions? Unfortunately, things happen and depending on where it happens, or how; you could be on the hook.  Dog bites, slip and falls, even injuries you may cause outside of your apartment; even slander, can be covered under your renters insurance policy.

Renters are just as vulnerable to losses as homeowners, but the cost to protect yourself is so much cheaper.  If you rent we highly recommend getting some coverage to protect your stuff and your financial well being.  Check out the following information for more details on what a renters insurance policy can offer.

Loss of use coverage. What would you do if a fire or other issue forced you out of your home? You’d have to find a temporary place to stay, maybe even for months — which might cost you more than your normal rent. Loss of use helps cover that and other additional expenses.

Personal liability protection. If someone trips and injures themselves in your unit, they could sue you. If your dog bites one of your guests, they might file suit, too. Yes, lawsuits happen — even among friends. Renters insurance can help cover legal expenses and even judgments against you. (Some dog breeds may disqualify you from coverage, so be sure to inform your agent of all dogs in the household.)

Personal property coverage. Wait, doesn’t this mean your stuff? Well, yes. But really, this coverage protects your finances. Even if you don’t think you have anything valuable, take a minute and mentally add up everything you own (note that if you do have any high-value items, such as jewelry or heirlooms, you may need additional coverage). Now imagine how much it would cost to replace it all. It’s probably a higher number than you thought — and that’s why renters insurance is so important.

Reposted with permission from the original author, Safeco Insurance®.

Renters Insurance – What Does It Cost