If you live in a rented home, whether it be an apartment, condominium, or rented house, it’s important to ensure that you have coverage for your personal possessions. Although 54 percent of renters said that without renters insurance, it would take them at least three years to replace all of their belongings in the event of a loss, only 45 percent of renters in our country have actually secured this type of coverage, according to the Insurance Journal. Below are three of the many reasons to protect your rented home and valuable possessions with a renters insurance policy.
1. Your landlord’s insurance will not cover your belongings. Many renters believe that in the event of a claim, their landlord’s homeowners insurance will provide coverage for their personal property, but this is typically not the case. In the event of fire, vandalism, theft, smoke or water damage, your landlord’s insurance will normally help cover the cost of structural damage to your rented home, not any damage to your personal belongings.
2. The average renter owns $30,000 worth of personal property, according to the Insurance Journal. You may not think your belongings are worth this much, but from furniture and clothing to tableware and expensive electronics, the value of your possessions adds up quickly, so it’s important to have coverage. To protect this amount of property, the Independent Insurance Agents & Brokers of America reports that on average, it will only cost you about $12 per month. Although coverage and rates vary from one insurance company to another, the cost of a renters insurance policy is small compared to the value of the items it covers.
3. A typical renters insurance policy also provides liability protection. If someone sustains an injury on your property and brings a lawsuit against you, for instance, your renters insurance policy will also offer you liability protection. Considering the litigious nature of today’s society, it never hurts to have added liability protection, and a standard renters insurance policy provides this coverage up to a $100,000 limit.
If you’re looking for renters insurance in Hillsboro NH or the surrounding area, you can rely on our agents to design dependable coverage that is tailored to suit your exact needs. To get a free renters insurance quote, please call us today at 603-464-3422 or submit our online quote request form.