Did you know that 44.1 million American households are renters?
Renting a home, whether an apartment or a house, comes with certain risks and responsibilities. Many people overlook renters’ insurance, claiming it’s an unnecessary expense. Here’s why you should seriously consider getting it.
Who Needs It?
- Everyone Who Rents: Whether in college, renting your first apartment, or leasing a home with your family, renters’ insurance can protect your personal belongings and cover liabilities.
- College Students Living Off-Campus
- People with Valuable Belongings: If you own expensive electronics, jewelry, or furniture, insurance can protect these items from theft, damage, or loss. Most policies cover various events, from burglaries to water damage. Any item over $1,000 in value needs an appraisal or receipts to endorse the policy.
- Pet Owners: If your pet injures someone or damages another person’s property, many renters insurance policies offer liability coverage that can help cover the costs.
6 Reasons to Have This Insurance
- Knowing your items can be repaired or replaced from fire, theft, vandalism, or certain natural disasters provides invaluable peace of mind.
- Accidents happen, and you could be held responsible if someone is injured in your rental property. Renters insurance can cover medical payments, safeguarding your savings if you don’t have separate liability or umbrella insurance. Not every insurance carrier offers umbrella insurance for renters. Check with us for more details.
- On average, renters’ insurance costs between $15-30 a month, depending on the coverage limits and the deductible you choose, making it more affordable than going out to dinner.
- If your rental becomes uninhabitable due to a covered event, your policy can cover the costs of temporary housing and living expenses, such as hotel bills and meals.
- Policies are flexible. You can choose your coverage limits deductibles and add riders for specific items of value, ensuring that your policy meets your unique needs and budget.
- Your landlord may require it. You will want to check before signing a rental or lease agreement.
While renters’ insurance isn’t legally required, many landlords want tenants to be insured to help avoid potential problems. For example, requiring proof of renters insurance might indicate a potential tenant’s ability to pay rent on time. Most landlords want at least $300,000 policy to rent and want to be added on as an additional insured or interest.
Conclusion
Renters insurance is essential. It offers a safety net that protects your belongings, covers liabilities, and provides financial assistance during unforeseen events – delivering peace of mind, security, and stability for a relatively low cost, making it a wise investment.
If you live in Ohio, call us at 330-753-8700. We can provide you with a free, no-obligation quote!
