Do You Really Need Renters Insurance?

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Do You Really Need Renters Insurance?

You’re a renter. You own some really great stuff. Yet, you don't have it or you never even thought about getting renters insurance. Well if you rent, you should give renters insurance serious consideration and here’s why.

Protect Your Belongings

Your apartment stores all of your precious belongings, many of which are actually pretty valuable. You may have that flat screen TV. You purchased some expensive clothing or shoes. You own a pretty incredible laptop with some amazing graphic capabilities or you may even have gone all out when it comes to your gaming system and all the latest accessories. These things are valuable.

And even if you don’t own all of these things, the items you do own will be protected by renters insurance should you experience a robbery or fire. Regardless of your income or budget, you experience the benefits of having all the items you have invested in over time, reimbursed or replaced from a loss.

Consider the Benefits

Think, your couch, kitchen table and chairs, bedroom set, and every other personal belonging you have, becoming destroyed in a fire caused by the tenants two doors down from your apartment. Would you be able to repurchase all those items at one time if they were destroyed? Would you be able to repurchase the computer along with the couch, bed, clothing, and the TV?

Would you be able to start completely over with furnishing your home if you were displaced by a fire and had to move to another apartment? Many could not, and that is where renters insurance helps to give peace of mind in the event something happens to a person’s possessions due to something that was out of their control like a fire or crime.

Renters Insurance Options

Renters insurance is available in a few different ways. The first option allows you to opt for the cash value coverage where you will receive partial reimbursement for the value of your belongings compromised by fire or theft. Essentially you receive funds for the cost that was originally paid minus the depreciated value.

The other type is known as replacement cost. This coverage replaces damaged or lost items of similar characteristics and functionality. Your carrier will replace these substitute items even though they may cost more than what you paid when you purchased them the first time, so keep that in mind.

It’s More Affordable than You Think

For a low monthly payment that is on average between $12 to $37 (depending on the state and area you live), your renters insurance can provide compensation for partial reimbursement or complete replacement of your personal belongings lost in fire or robbery. That is pretty significant when you take into consideration the amount you spent on everything in your apartment. Of course deciding which option to choose, is up to you to determine which one best suits your needs. We recommend speaking with a Covered Insurance Advisor to get advice on which option fits for your situation.

The Deductible

When a loss occurs, those who have renters insurance will have to pay a deductible which is established at the time you purchase your policy, and when the losses go beyond the amount of the deductible, your insurance kicks in. Don’t let the deductible freak you out though, when everything you own is damaged or lost from fire or theft, the loss total will probably far exceed the deductible you pay.

What Renters Insurance Doesn’t Cover

Keep in mind renters insurance does not cover things like engagement rings and diamonds, so if you own those, you will have to get those insured separately. Speak to a Covered Advisor for questions on what would be protected under your renters insurance policy and what additional coverage you may need in those situations.

Your Renters Insurance Experts are Here for You

Interested in speaking with someone about renters insurance and how it can protect your belongings and give you serious peace of mind? It's why we're here! Give us a call at 833-487-2683 or send us a message. We'll be happy to answer your questions and give you unbiased coverage counseling.

And if you are ready to get instant quotes on renters insurance, hop on over and get started now. The process takes only a few minutes to see how truly affordable insurance coverage for renters is, compared to the benefits you get.

We've Got You Covered.