If you rent your home, apartment, or condo you NEED renters insurance. A lot of people think renters insurance just covers your “stuff”. While that is true it does so much more than just that. And the best part of renters insurance? It averages $120 per year or just $10 per month.
We have all seen that friend or family member or maybe a coworker who has a Gofundme set up for them because of that fire that destroyed all their personal belongings. I always find that interesting because the average Gofundme raises less than $1,000. $1,000 is NOT going to get you everything you have worked your whole life for. Make sure this isn’t you and talk to me, or another agent, or go online and buy a policy but make sure you have renters insurance.
Renters insurance covers couches, televisions, your socks, lamps, tables, your pants, books, shoes and so much more. So, your “stuff” is covered. The biggest things it protects you from our theft and fire. Those two perils, or bad things, are the most common reasons for renters insurance claims. Renters covers you against other losses as well but those are the two main ones we see most.
On top of covering your stuff it covers a lot more. Loss of use, or what I like to call “get you back up on your feet again money” is helpful when you have a covered loss. It provides you money for meals out, gives you money for a similar place to stay, allows you to buy clothes for work, or book for school. You can access these funds right away and these allow you to get back on track right away.
The other thing most people know little about is the liability portion of renters insurance. If you fall asleep cooking and cause a fire or leave your tub on and have water damage, or you have a kitchen fire you can technically be found liable by your landlord or other tenants and they can come after you for those damages. So, if you cause that fire in the kitchen your landlord could sue you for all of the costs associated with that. Renters insurance can provide coverage for any money awarded to your landlord and your legal fees up to your policy limits.
On top of that if you have a friend over and they are injured because you have water on your floor that is covered under that coverage as well. Your “stuff” is important but being held responsible to replace your landlords’ home or apartment can be much more catastrophic to you and your family. Having 4 or 5 or 15 tenants upset that you caused a fire and destroyed their things is never good. Renters again, can help you with this.
These are some of the main coverage’s on a renters insurance policy and how they can help you but you can add a ton of endorsements, or additional coverage to your plan as well. Some of those are identity fraud, jewelry coverage for expensive pieces, coverage for computers or cameras, and a lot more. So next time you talk to someone who rents make sure you mention renters insurance and all the good stuff it does to protect them. And if you do not have it let’s talk! It is cheap and as you can see can really help!