5 Overlooked Facts about Renter’s Insurance

Many assume that renter’s insurance is an optional luxury, but in reality the opposite is true. These five facts reveal why it’s important to have renter’s insurance and what you can do to get the most from this type of policy.RentersInsurance

  1. Renter’s insurance protects you from many risks much like homeowner’s insurance. Contrary to popular belief, your landlord won’t reimburse you if your belongings are taken by theft or natural disaster. Renter’s insurance does, and its ‘Liability’ portion covers you for accidents and injuries that happen at your residence, such as dog bites.
  2. Make a complete inventory of your belongings to determine the right coverage amount. With this in mind, be sure you are as accurate as possible. Then, place all inventory records in a fireproof/flood-proof safe. Some high-end items like jewelry, fine art, and furs need to be covered separately under special insurance plans.
  3. Renter’s insurance provides you ‘Loss of Use’ if you’re displaced from your home.  The ‘Loss of Use’ portion of a renter’s insurance policy covers hotel bills and other living expenses if your residence becomes uninhabitable. Ask you agent to determine coverage amounts and terms for this invaluable part of your policy.
  4. Go over your claims before disaster strikes…not after. Much like a fire drill, familiarizing yourself with the claims process and your agent’s contact information is a wise move. Doing so will save you from the hassles of experiencing a learning curve in the midst of an emergency.
  5. Renter’s insurance is surprisingly affordable. Renter’s insurance premiums cost far less than not having a policy at all. In many cases, renter’s insurance is actually cheaper than homeowner’s insurance. You can also bundle your renter’s insurance with your other policies to save even more money.

To learn more about the advantages of renter’s insurance, contact us today by phone or website to get a free no-obligation quote. A sound insurance policy means sound peace of mind.

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