Renter’s Insurance 101 If you are a renter, there are many things that you just don’t have to worry about. You don’t have to worry about maintenance of your home, nor do you have to worry about a long-term mortgage. Many people find that renting is a much better option than purchasing. The question is, what does a renter need insurance for? He or she may think, “I don’t own this property. Why would I want to bother with insurance?” There are several things that a renter should consider. The big thing to consider is your personal property. While a renter does not own the property, they still have quite a bit of “stuff” that needs to be insured. This includes clothing, electronics, furniture, kitchen utensils, as well as musical instruments and artwork. None of these items are covered under the property owner’s policy. I’ve had clients who rent tell me that they just have too little personal property to bother with Renter’s Insurance. One person told me, “if I have $5000 worth of stuff, I’ll be surprised.” A brief inventory conducted with them at my office indicated that they had over $20,000 worth of personal property. It has been my experience that people ALWAYS have more personal property than they think. If you think you don’t have enough “stuff” to insure, think again! Another risk to consider is liability. If a renter owns a dog, and it bites someone, the renter is potentially liable. He or she could be facing lengthy litigation. Even if the renter is not held liable, the cost of a legal defense could be potentially devastating financially. Finally, while the renter doesn’t have to worry about insuring their home, they do need to consider where they will live while their home is being repaired. A Renter’s Insurance policy can provide coverage for additional living expenses associated with the loss of their home or apartment. A renter may be wondering, “that’s quite a bit of coverage! It must surely be expensive!” Surprisingly, Renter’s Insurance is one of the most affordable types of insurance. Policies can be obtained, often for as little as $15 per month, depending on coverages selected. I have seen that obtaining Renter’s Insurance can be done for almost no net cost when combined with an auto insurance policy. The multiple-line insurance discount on the auto policy often covers the cost of the Renter’s Insurance. In fact, I regularly see situations in which it is actually cheaper to have Renter’s Insurance than to NOT have it. If you are a renter, feel free to reach out to me at dave@thedaveowens.com or call me or my experienced staff at (661) 946-4224. We’ll be happy to review your situation to see if Renter’s Insurance is right for you
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AuthorDave Owens, Owner/Agent. I have proudly served in the Insurance Industry for over 20 years. Archives
October 2019
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