Almost 100% of homeowners have insurance, but less than half of those renter are covered. What gives?
Picture all of the electronics in your apartment. Now imagine the tub in the apartment above you springs a leak. What happens to all of your stuff? While the owner most likely has a homeowner’s policy to cover the damage, its coverage does not include protection of your belongings. So now almost everything you own is damaged and you’re completely out of luck—unless, of course, you have renter’s insurance. But that’s just one example of how renter’s insurance can save you. And if you’re not already convinced to start researching your options, keep reading to discover how else renter’s insurance can save you.
1.It will help you replace your stuff
You may be thinking, “I don’t have anything that valuable,” but truth be known, you won’t realize how much everything you own is worth until it’s gone. Your clothes, laptop, stereo, shoes, furniture, etc. is worth more than you think—especially when you have to replace it because your building had a fire or a pipe burst and flooded your townhouse.
When you have renter’s insurance, you can get Replacement Cost Coverage, which means that your policy will cover what it will cost to replace your belongings. This is more advantageous than a policy that offers Actual Cost Value, because in this case, you’ll only get what you originally paid for the items and we all know that TV’s, computers, cell phones (and pretty much everything else) gets more expensive everyday.
2. It’s worth much more than it costs
Did you know that nearly 100% of homeowners have homeowner’s insurance but less than half of the renters in the United States have a renter’s insurance policy? It’s really hard to imagine, since the cost of renter’s insurance is relatively low—especially when you consider how much you stand to shell out if a disaster happens and your belongings are destroyed. The average cost for renter’s insurance these days is less than $200 a year; broken down that’s about $16 a month. The truth is that you really cannot afford not to have it
3. It’s got your back
Ever consider what you’d do if someone fell down the stairs or slipped in your kitchen and decided to sue you? When you have renter’s insurance, you’ll need not worry because your policy will cover it. Look for renter’s insurance that offers liability coverage and you can have the peace of mind that if anything like that happens, you’re covered.
4. It has wings and will fly
It’s happened to many of us. You’re on your way to an awesome vacation and when you land, your baggage is lost. In most cases, the airline will find your lost suitcases and get them back to you. But what happens if someone actually stole your bags? Or if some of your belongings are missing when you get your luggage back? Wherever your belongings are, renter’s insurance can cover the cost of their replacement. That also goes for when someone breaks into your car and swipes your stuff.
5. It has diverse possibilities
Some renter’s insurance policies will cover additional living expenses if your home becomes uninhabitable due to one of the covered instances like fire or flooding (from leaky pipes, etc.). Check out the policy you’re looking into to see if it offers you coverage for temporary relocation expenses.
If you’re renting, getting yourself a renter’s insurance policy is a wise decision. While the hope is that you never need to file a claim, you’ll have the peace of mind knowing that you’re covered if something does happen. To find out more about renter’s insurance and how we can customize a policy to fit your budget and needs, contact Avante Insurance today.