As a renter, you are reasonable to expect that your home will be safe for you and your family. When renting a space, some aspects of that safety fall on the property owner. Others fall in your lap.
Renters insurance is a key way to help minimize the financial risks you have. Keep in mind that this type of insurance may or may not be a requirement to you. However, it is almost always a good investment.
Who Has Renters Insurance?
The Independent Insurance Agents & Brokers of America provide some information to discuss just how misunderstood this type of insurance is. In a study by the group, surveyed individuals reported whether they had or did not have coverage. It found two-thirds of all renters did not have coverage. There are, by their estimates, 81 million people in the U.S. renting. This is an incredible number of people without coverage. But, is that wise?
What Is the Risk? Why You Need It
Saving money is your goal. You do not want to spend if you do not have to. Here's what you should know about renters insurance, then.
- Some property owners require it. To obtain a lease, you may have to have a policy in place.
- The property owner's insurance does not protect your items. If a fire occurs, you may lose it all. The landlord's insurance does not provide any help to you for your losses.
- You may face liability risks when renting from another person. You are responsible for claims made within your rented spaces. This can amount to thousands of dollars in loss if someone suffers an injury.
There are many benefits to this type of policy. For example, it tends to be very affordable. You may be able to choose a bundled package with your auto insurance. This can further reduce your costs. Some people benefit from a larger policy. It can include protection for your high-end valuables like jewelry, electronics, and collectibles. This is an affordable way to protect these items from theft or vandalism.
Do not overlook the benefits of renters insurance. Instead, work with your agent to find the best fitting policy for your needs. It could save you a significant amount of money when you secure this policy. A single claim could amount to thousands of dollars. Going without it may be too risky for most renters.
Do you need Perkasie renters insurance? Let The Weimer Group help. Call us at (877) 791-1707 for a fast, free policy quote.