Many are trying to make ends meet so they can pay their monthly rent on time. But unlike homeowners insurance, landlords do not require their tenants to get a renters insurance. It’s their choice whether they want to sign up for a renters policy or not. No wonder many tenants choose not to.
In 2014, almost 100 percent of homeowners purchased homeowners insurance. On the other hand, only 30 percent of renters purchased their renters insurance. Unfortunately, those who do not opt for this insurance are putting their finances at risk.
According to most insurance agents, tenants do not get a renters insurance because they thought that their personal belongings are already included in their landlord’s policy. But that’s a mistake that these renters should be aware of. Below are some of the things that you need to know about a renters insurance.
The building itself is the only thing covered by the landlord’s insurance. With the renters insurance, the coverage extends to all your personal belongings including appliances, furniture, and even your clothes. You will be compensated if these items are stolen or damaged. At the same time, it also covers your personal belongings stolen inside the car or even your bike as well.
Moreover, the coverage also includes the expenses you need to shoulder in case somebody slips or falls inside your apartment.
Most tenants don’t want to get a renters insurance thinking that the premiums are expensive. However, the average cost of renters insurance premiums per month is only $12. The liability coverage will be worth $100,000 and about $30,000 property coverage to boot.
If you also get your renters insurance from the same provider of your car or health insurance, you may be entitled to bigger discounts. The amount is definitely worth the price especially if you consider the value of your belongings.
Before your insurance company kicks in, you have to pay a deductible. Usually the deductible ranges from $400 to $600 depending on your provider.
No need to look for other providers when you can already have the best coverage at a reasonable price here at Insurance Strategies - The Cooksey Agency. Our agents will help you understand more about the pros of getting a renters insurance and the cons of not having one. Call us at 757-819-6896 or click here to request an online quote for renters insurance!