Renters Insurance: A Smart Buy

When you rent a house, room, or apartment, your first thought may not be to purchase Renters Insurance, but it should be near the top of your list. You may think that your property is not worth insuring or downplay the potential for financial consequences of an incident where someone is injured on your premises. You may think that you can’t afford this insurance. The real question is: “Can you afford to be without Renters Insurance?” 

Renters Insurance provides coverage for your personal property not only at your residence but also while traveling anywhere in the world. You choose the amount of coverage you need based on what it would cost you to replace the things that you own. Your personal property is protected from unforeseeable events such as theft or damage by fire. If you suffer misfortune, can you afford to replace your personal property? Is it worth taking a chance? 

Another important coverage included in a Renters Policy is Loss of Use. If your premises should be rendered uninhabitable due to a covered cause of loss, Loss of Use Coverage covers the extra expense of maintaining temporary living quarters until repairs are completed. Without Renters Insurance, could you afford the additional expenses you would need to pay until you could reoccupy your premises? 

Renters Insurance also provides coverage for your personal liability. This would provide coverage for you against injury to others for which you may be held responsible either on your premises or elsewhere while engaging in your daily activities. This coverage includes medical payments for immediate relief in case of an injury to a visitor at your residence or full liability coverage in the event the situation is more complicated, and the injured party decides to take legal action against you. It is an unfortunate fact, but should an injury occur, it could result in a serious financial loss. Defense costs are often included in this coverage. Can you afford to cover such a loss with your own assets Can you afford the attorney? 

THE FIRST AND MOST IMPORTANT STEP is to contact a property and casualty insurance agent or company to discuss how Renters Insurance can benefit YOU. A representative will help you determine the coverage that you need and help you to obtain coverage at a price you can afford. You may be surprised at how affordable Renters Insurance is. You may find that Renters Insurance is one purchase you can not afford to be without. 

Please remember that price should be only one consideration in the decision to purchase an insurance policy. You should also consider coverage levels and offerings, the service(s) the insurance company provides, whether or not to use an independent agent or look for a company that sells directly to the consumer, and whether to look for a company that sells over the internet, how the company handles claims, whether or not the insurance company uses the consumer’s credit history in either their underwriting or pricing and any other considerations of interest to the consumer.