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Who Needs Renters Insurance?

By: Boatwright Insurance Agency, Louis Cammisa

Click picture for full article at www.FirstTimerBlog.com

Who Needs Renters Insurance?

Who Needs Renters Insurance?

By:  Boatwright Insurance Agency

Louis Cammisa

Louis@boatwrightagency.com ~ 610-359-9270

If you rent your home or Apartment and don’t think you need rental insurance, you are mistaken, but you are definitely not alone. In fact, over two-thirds of the 81 million renters in this country do not carry renters insurance. This is a disturbing fact when you think about the financial devastation that could befall these renters if an unfortunate event were to occur. Perhaps you’ve heard or thought about renters insurance, but you wonder, “Do I really need rental insurance?” Continue to read this blog; we’ll answer this question for you with some of the best reasons for investing in renters insurance.

You’re Not a Homeowner, So Why Have Insurance?

This is one of the most common protests offered by renters who avoid rental insurance. After all, if you don’t own your home, what is the purpose of having property insurance? The answer is that, without a rental insurance policy, your personal belongings are unprotected. You may not be responsible for the actual structure of your dwelling, but you certainly have financial responsibility for the personal items contained within it.

What about the Landlord’s Policy?

Another objection given to the purchase of rental insurance is that the landlord’s policy already covers everything. This is actually untrue. The landlord’s policy strictly covers the structure of the apartment building and nothing else. In fact, some policies don’t even go that far if a tenant is responsible for causing the damage. In other words, if you leave your bathtub water running and do water damage to your apartment and the one below, you might be liable for the damages.

What Do I Have That Needs Insurance?

Some renters justify going without renters insurance because they rationalize that they don’t really have anything that is valuable enough to warrant coverage. But did you know that the average renter has almost $30,000 of personal belongings that are not covered by the landlord’s policy? Could you afford to pay $30,000 to replace your possessions? More than likely, the answer is no. Aside from your regular possessions, if you have especially valuable items, like jewelry, collections, furs, etc., you should also consider a rider on your rental insurance policy. A rider allows you to bolster your coverage for certain items of extraordinary value.

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