Renters Insurance

As a resident, you need renters insurance.

While a property owner will most likely have insurance to cover the physical structure of an apartment building or home, that insurance does not cover the belongings of individual residents. Moreover, it doesn’t provide you with liability protection.

Consider the value of your possessions and your ability to replace them if they are destroyed or stolen. If a disaster occurs such as a hurricane, renter’s insurance can help soften the financial blow. If you suffer a loss and you do not carry the insurance, then the cost to replace the items becomes your responsibility, as your landlord’s insurance may not cover your contents.

More importantly, if a fire or other disaster occurs as a result of your negligence, you can be held liable for the cost of repairs and can face the potential of litigation. Without insurance you put yourself at unnecessary risk. But, many renter’s insurance policies can be written to help cover those liabilities should they arise.

Not only is renter’s insurance a good idea, sometimes it is a requirement for your lease. As Realtors with YSP Realty begin to write more leases on new properties, owners are requiring the renters to have renters insurance. Some landlords are even willing to give a small discount in the monthly lease if the renter carries insurance. This discount is usually in the range of one to two percent off of the monthly lease payment.

Do the math and you will notice the insurance almost pays for itself. The average cost of renters insurance is only $41 per month, and covers up to $50,000 in contents. A policy of this amount will carry a deductible of $500 with $100,000 of personal liability coverage and $1,000 for medical payments if someone falls and is injured in your home.

Also, take a written inventory and pictures of all items in your home that are covered on your policy. In the event of a loss and you have the proper insurance, filing a claim with your agent will be a lot less painful if you can provide proof of the belongings.

The agent who has your auto insurance policy can probably write a renter’s insurance policy and a multiple policy discount may apply.

For more information on renters insurance and to receive a quote visit www.insweb.com