Why You Need Renters Insurance

TEN REASONS WHY YOU REALLY NEED RENTERS INSURANCE

 

  1. Your landlords insurance doesn’t cover your stuff.  If there was a fire, the landlords coverage would repair the building itself but will not cover any of your possessions.
  2. If you are put out of your apartment because of a fire or pipe bursting, your policy would pay your “additional living expense” to live somewhere else.
  3. If you are put out of your apartment because of a fire or pipe bursting, your policy would pay your “additional living expense” to live somewhere else.  The burglary rate per 1000 households is 53% higher for renters than for homeowner households.   Likewise, the theft rate is 41% higher for renter households.*
  4. Your personal possessions would be covered worldwide, like when you are on vacation and your suitcase and laptop are stolen from your hotel room.
  5. Your Liability coverage protects you if you’re sued and this coverage follows you everywhere. What if you throw a party and a guest slips and falls on your bathroom floor and sues you?  You would be covered up to your policy limit for the court judgment and legal expenses.  The same is true if your wayward golf ball injures someone else out on the course, or you accidentally trip someone on the dance floor resulting in a broken leg.  Accidents can happen anywhere.  You need to protect your assets and your future earnings against a judgment.      
  6. Renters’ policies also include Medical payments to cover the medical bills of an injured guest in your apartment.
  7. As a tenant, you could be liable for property damages.   If you leave the water running and it seeps down through the floor causing damage to property of the tenant below, you could be liable for the whole soggy mess.
  8. Renters Insurance is CHEAP!  For about the cost of one large pizza a month, $10-$20, you can protect yourself from a huge financial loss.
  9. There are usually discounts available if you purchase a renters policy from the same company that insures your car.  Sometimes the discount given on your auto policy almost pays for your Renters policy.
  10. The cost of replacing all your stuff adds up!  Take a moment and list all the things you couldn’t live without.  What would it cost you to replace your iPod, cell phone, game system, laptop, TV, golf clubs, all the clothes in your closet, your CDs and DVDs?    Can you afford to be without Renters Insurance? 

  *US Bureau of Justice Statistics, 2005 National Crime Victimization Survey