Four Reasons to Buy Renter’s Insurance
- Published in Insurance Blog
When people think of insurance policies, one of the first kinds of coverage to come to mind may be home insurance. However, when living in a rental property, having renter’s insurance can be just as important to have proper protection for tenants. According to Insurance Information Institute, only 40% of renters have renter’s insurance.1 Here are a few reasons to join the 40% of safe renters.
Property Insurance Might Not Cover Personal Belongings
In the case of rental spaces, property owners will generally have property insurance to cover any damage done to the physical building. This does not cover whatever personal belongings may be inside an apartment, rental home, or other rental property. Many times property owners will require tenants to purchase renter’s insurance before moving in since their insurance doesn’t cover the renter’s items. With renter’s insurance, belongings are then covered in case of a disaster just like home insurance coverage.
You Could Be Held Responsible for Liability Charges
Often, people don’t think about what would happen if there was an accident inside their home. Without renter’s insurance, the renter can be held responsible for any injuries that may occur within the rental space. If someone were to get hurt and decide to sue, that could mean looking at payment for a lawyer, court costs, and other associated costs. Many policies cover at least $100,000 for assistance with court costs or other legal expenses, and medical coverage of $1,000 to $5,000 depending on the policy.2 This could include any occurrences caused by pets.
The Cost of Insurance is Far Less Than Replacement Costs
It is estimated that it would take around $13,000 to replace everything a single person has in a one-bedroom apartment.3 With renter’s insurance costs from only $15 – $30 a month on average,4 even paying the higher end would only cost $360 a year. That’s quite a large difference from having to find $13,000 in order to replace everything without coverage. People underestimate the total value of their belongings when renting. They also forget how expensive it may be to buy back everything that could be lost in an unexpected event.
It May Even Cover Robbery
Every 13 seconds, a burglary happens in the U.S. Whether possessions inside an apartment or rental property are broken or stolen, or someone breaks into a vehicle, renter’s insurance may cover it. In case of an invasion, insurance providers will do an estimate on the damaged or stolen items. Then they provide the amount estimated to the renter so they can pay for repairs, or purchase replacements.
Find Several Coverage Options with Fasula Kaplan Insurance
The agents at Fasula Kaplan take the time to find renter’s insurance rates at several companies. Our professionals search for the coverage you need to ensure you don’t pay for more than you get, and don’t get less than you need. Don’t get caught in a tough place when something unexpected happens, be prepared ahead of time for anything. Speak with one of our professionals at (602) 564-0880 today to get started.