Many renter’s assume that their landlord’s insurance is enough to protect them. Unfortunately, it is not. Your landlord’s insurance does not protect your belongings and doesn’t protect you from liability suits. That’s where renter’s insurance comes in.
Isn’t Renter’s Insurance Expensive?
Depending on your coverage, renter’s insurance can cost as little as $10-12 a month! Nationally, the average cost of renter’s insurance is $187 according to the National Association of Insurance Commissioners. Bonus – having renter’s insurance will give you a discount on your car insurance too!
I Don’t Own Enough to Need Insurance
While you may not own many things you think of as valuables, possessions add up quickly. Things like cell phones, TV’s, computers and even clothing are all common possessions that would be covered by your renter’s insurance. Additionally, many renter’s own furniture and kitchen appliances, adding up to thousands of dollars in personal property that they may not even think of.
Doesn’t My Landlord’s Insurance Cover Liability Claims?
Not necessarily. If someone trips and falls in your apartment, you need liability coverage. If you have a pet and someone is injured by your pet, you need liability coverage.
According to Trusted Choice:
- In 2011, the average cost of dog-bite claims was $29,396
- On average, the cost of slip-and-fall accidents exceeds $12,000
- The cost of legal defense in a slip-and-fall lawsuit is $50,000
I want Renter’s Insurance. What do I do now?
First, estimate the amount of personal property you own. You will not get paid over this amount so be sure to consider everything. You want enough coverage so that if you had a fire and lost everything you would have enough to replace your belongings and start over!
Next, call us! We will ask you a little about your apartment, such as type and age of the building and number of units. Then we will go over how much coverage you want for both property and liability and have you sign an application.
To learn more please see:
Trusted Choice – Renter’s Liability Insurance – Renting An Apartment? This Mistake Could Cost You $5,000 Or More – Trusted Choice – How Much Does Renters Insurance Cost? – 6 Myths about Renter’s Insurance – and How to Save – 6 Good Reasons To Get Renter’s Insurance