Ensure Blog

3 Dead Serious Reasons To Get Renters Insurance

renters insurance-resized-600Stat of the day: 95% of homeowners have a homeowner’s insurance policy, only 37% of renters have renter’s insurance, according to a 2014 Insurance Information Institute poll conducted by ORC International. So…what makes owning vs. renting such an insurance blunder? Do renters think that because they don’t own the house, they don’t need insurance? Truth be told, the landlord’s insurance policy isn’t going to cover your losses. As a renter it is your responsibility to pony over the 15 bucks a month to ensure your belongings are covered. And yes, renters insurance is crazy cheap!

It’s Crazy Cheap! – Renters insurance along with life insurance is some of the most affordable types of insurance a person can get. Each one could run around $15.00 a month and cover everything from clothes to your prized 85” television.

Replace You Belongings – Think about all the “stuff” you have; clothes, TVs, furniture, jewelry, appliances etc. The list gets pretty long, pretty fast and can add up to thousands of dollars. Once you itemize your belongings (which we know can be a pain) you will be covered in anything happens to them. See the losses list at the bottom of this blog .

Protect From Lawsuits – Consider the liability you would be responsible for if someone injures themselves in your rented dwelling. They could sue you not the landlord for damages. Who is going to cover that bill: your renters insurance, or your savings account? This is one case where $15 bucks a month could get you out of bankruptcy.

Renter’s policies protect against a surprisingly long list of liabilities. A standard HO-4 policy designed for renters, for example, covers losses to personal property from perils including:

  • Fire or lightning
  • Riot or civil commotion
  • Smoke
  • Theft
  • Vandalism or malicious mischief
  • Volcanic eruption
  • Weight of ice, snow or sleet
  • Windstorm or hail
  • Damage from water or steam from sources including household appliances,
  • plumbing, heating, air conditioning or fire-protective sprinkler systems
  • Damage caused by aircraft
  • Damage caused by vehicles
  • Explosion
  • Falling objects

Ready to itemized your belongings and protect your family and possessions? Call one of our Insurance Architects to help you ensure what matters most.

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