Are you a little unsure as to whether or not you need to have a renters insurance policy? Many tenants wrongly skip coverage because they aren’t exactly knowledgeable what this type of policy entails. Here are three facts about renters insurance that you might not know.
It Covers a Wide Range of Scenarios
Many renters forget to think about the wide range of incidents that can happen at their new apartment. Of course, a fire breaking out or a thief breaking in are two of the most obvious scenarios. But what if your luggage is stolen while you are on vacation? Or the UPS guy trips over a rug at your home and becomes injured? What if your sweet dog suddenly becomes frightened and bites a visitor to your home? All of these incidents may be covered under your renters insurance policy.
It is Incredibly Affordable
Most tenants automatically assume that renters insurance is expensive to carry. The truth is that the average cost of a policy nationwide is between one and two hundred dollars per year or only a few dollars a month when divided up into payments. In addition, many auto insurance companies even offer a substantial discount for those who carry both types of policies with them. This makes the final cost to have both policy types together nearly the same as what you are currently paying for just auto insurance coverage alone.
(Note: Discounts and policy premiums vary depending on your personal circumstances. It is important to speak directly with your agent to determine whether or not you qualify for a lower rate.)
It Might Be a Requirement
Many business savvy landlords and property management companies are now requiring tenants to purchase renters insurance policies and show proof of coverage at the time they sign their leases. Why? They know that if an incident happens, many renters wrongly assume that their landlord will pick up the tab for damaged or stolen personal goods. By making sure these renters know that the landlord is not responsible for their items from the moment they move in, they can help fend off a future dispute that could even go as far as court.
The purpose of renters insurance is to be an additional layer of protection against the unexpected. By keeping these three facts in mind, you can now decide whether or not this type of coverage is right for you.
To learn more about renters insurance or to receive a no-obligation quote, please contact our knowledgeable team at Safechoice Insurance Agency today.