According to the Insurance Information Institute, only 37% of renters in the U.S. are insured. If you rent a house or apartment, your possessions are NOT covered under your landlord’s policy.
Your landlord has insurance coverage for the building. This coverage does not protect your personal property and does not protect you from any injuries that occur to others on your property.Renters insurance covers your personal property such as electronic equipment, appliances and clothing. Additional coverage can be added for items of greater value, like jewelry or art work. Liability coverage is also included in a renters policy, for others that are injured on your property. It can protect you from damages that you may have caused to the building, such as a plumbing misfortune or a kitchen fire, and, provides temporary living expenses if necessary. Can you afford to replace your possessions or be liable for an injury sustained on your property? Even if you think that you don’t have much in the way of value, if you had to replace everything, what would that cost?
The average monthly renter’s insurance policy is between $15 and $30 per month. A higher deductible option and added safety features in place can reduce your premium even further.
Here’s a video clip for more information & tips on documenting your possessions should you have to file a claim. Contact our office for a renters insurance quote today!