Renters Insurance

With home prices rising and less inventory available, many are choosing to hold off buying a home in favor of renting.

Renting has its benefits, like lower housing costs, shorter-term commitment, and minimal maintenance. However, the downside is that if something bad happens, your landlord won’t be responsible if your personal belongings are damaged or stolen.

If you are a landlord, we recommend you advise your tenants about buying a renters’ insurance policy.  If you are a renter, we recommend taking your landlord’s advice.

The average renter has an average of $20,000 – $35,000 in possessions. Before buying a policy go through your possessions and make an inventory of everything you own, that way you will have an accurate estimate. This will help you determine which coverage suits you better.

If you still think you don’t need insurance ask yourself: could I afford to buy it all back again if it were destroyed in a fire or stolen? For often  $300 per year, or $25 per month you could have $50,000 in protection.

Like any other insurance, it’s important that you know what numbers to call and how to process a claim. We recommend you keep that inventory list along with photos and proof of ownership, which could help you during the filing.

A tip to save money is checking with your car insurance company to see if they offer renters insurance and what their rates are.  There is a good chance you will be able to get a better rate with a “bundled plan” than if you purchased the policies separately.

Understanding the types of coverages is essential. A basic policy will reimburse you for losses to your personal property, costs incurred due to loss of use and personal liability for injuries to others. Most policies have a limit, meaning the insurance will only cover things up to a certain amount. So, for precious possessions you might want to have extended its coverage.

Renters insurance is affordable, easy to get and more important it will give you peace of mind.