If you rent an apartment or home, you’ll need an insurance policy to cover your possessions. Your landlord’s property insurance will cover losses to the building, but won’t cover anything that is yours, which is only covered through renters insurance that you have to find and pay for. 95% of homeowners have homeowner’s insurance, but only 37% of renters have renters insurance.
Some reasons for this are:
- Many people assume they are covered by their landlord’s policy but this is not the case.
- People underestimate the value of their belongings. If you add up the value of just your clothing and electronics, it probably wouldn’t take long to get into the thousands of dollars.
- They flat out don’t think they need it
But whether you rent or buy, it’s important to protect your belongings.
Here are some great reasons to get renters insurance:
- It’s inexpensive
The average renters insurance policy costs about $190 a year which comes out to about 50 cents a day. Your actual cost will depend on factors like the amount and kind of coverage you need, the amount of your deductible and your location.
- It covers losses to your belongings
This includes clothes, jewelry, luggage, computers, furniture, and electronics. Even if you don’t own much, according to esurance.com, the average renter owns about $20,000 worth of personal property. It adds up fast!
Renters policies protect against a surprisingly long list of perils including:
- Damage caused by aircraft
- Damage caused by vehicles
- Explosion
- Falling objects
- Fire or lightning
- Riot or civil commotion
- Smoke
- Theft
- Vandalism or malicious mischief
- Volcanic eruption
- Weight of ice, snow or sleet
- Windstorm or hail
- Damage from water or steam from sources
- Your landlord might require it.
Your landlord’s insurance covers the building and the land, but not your possessions. Landlords requiring tenants to purchase their own renters insurance has become more common. The thought behind this is if the tenants cover themselves, some responsibility is moved away from the landlord.
- It provides liability coverage.
This provides protection if someone is injured while in your home. It pays any court judgments as well as legal expenses, up to the policy limit.
- It covers your possessions when you travel.
Whether they are in your home, car, or with you while you travel, your possessions are covered from loss due to theft and other covered losses anywhere you travel in the world.
- It may cover additional living expenses.
If you can’t live in your residence as a result of one of the covered perils, your renters insurance policy may cover “additional living expenses,” such as the cost of living elsewhere temporarily, food and more.
- It Fills Coverage Gaps
Renters insurance can fill gaps left by your other existing policies, like your auto insurance. For example, if you left your tablet in your car, and someone smashes your window and takes it, your auto insurance would cover the broken window but not your tablet. Renters insurance would cover replacing your stolen tablet.
Be sure you understand what your policy covers, and feel free to ask us about available discounts, deductibles and coverage limits!
Here at Lantz Family Insurance Agency we are committed to providing our clients with quality insurance and superior customer service – including when disaster strikes. Should the need arise to file a claim, we’re ready to assist you in any way we can. Call us for a FREE, No Obligation Quote at 774-992-0789 or email us at info@lantzfia.com.
Peter C. Lantz, Owner/Agent
Peter C. Lantz (Pete) has been a Licensed Insurance Agent in Massachusetts for more than 10 years. He has worked for Arbor Insurance Brokerage, Inc. and USA Wealth Group, Inc. as an Insurance Broker and Financial Advisor. Pete has served in the United States Marine Corps Reserve. Pete has his Real Estate Brokers’ License, as well as Life and Health Insurance Licenses.
