When someone rents a dwelling, they should consider insuring their belongings. While the landlord’s insurance covers the building itself, personal liabilities and property are only covered by renter’s insurance. Even if a tenant doesn’t think they need insurance, they should consider the following reasons to purchase renter’s coverage.
It’s Very Affordable
According to the NAIC, the average renter’s policy costs around $200 per year. However, a customer’s actual cost depends on factors such as type and level of coverage, location, and the deductible amount. Call an insurance company in Magnolia to get a policy that’s tailored to the family’s needs and budget.
It Covers Personal Losses
Renter’s insurance covers losses to personal property like jewelry, electronics, clothing, and furniture. Even if someone doesn’t have much, the cost to replace these things can add up. The average tenant has about $20,000 in personal property, and a renter’s policy can protect it from perils such as:
* Plane and vehicle crashes
* Explosions
* Falling objects
* Lightning strikes
* Fires
* Civil unrest
* Theft
* Vandalism
* Volcanic eruption
* Hail and windstorms
Losses from earthquakes, hurricanes, and floods aren’t covered in standard renter’s policies; a separate rider or policy is required. Renter’s insurance doesn’t cover losses related to intentional or negligent acts, and tenants should discuss their concerns with a local agent.
Many Landlords Require It
As said before, the landlord’s policy covers the grounds and the structure, but not the tenant’s possessions. Many landlords require renters to buy their own policies, and they want proof of purchase. Sometimes it’s the landlord’s idea, and other times, it’s their insurer’s idea, but the goal is the same: to shift responsibility away from the landlord.
It Offers Protection From Liability
Standard renter’s policies provide liability coverage in the event that someone is injured in the home. It pays court judgments and legal expenses up to the policy’s coverage limit. Most policies offer about $100,000 in liability coverage and up to $5000 in medical payments coverage, but renters can get a higher coverage limit for an additional cost.
In Conclusion
Renter’s insurance covers a person’s belongings whether they’re in the home, in the car, or with them on vacation. Additionally, these policies provide liability coverage in the event of injury to another person. Call an Insurance Company in Magnolia for more details or Browse our website to get a quote.
