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Why You Should Get Renters Insurance

Aug 10, 2022

Home Insurance

Why You Should Get Renters Insurance

Renting households in the United States is at an all-time high. Only 37% of renters, nevertheless, carry renters' insurance. The low percentage is likely attributed to the widespread misconceptions surrounding renters insurance, such as “I’m covered under my landlord’s policy" or "I don’t own many things worth insuring, so I’d rather not have the extra expense.”

Even a small incident damaging only a few personal electronics could cost thousands of dollars to replace. There are numerous additional situations, regardless of the value of your possessions, where renters’ insurance is essential to protecting your finances. Find out more about the benefits of renters insurance and how surprisingly affordable it can be.

You Probably Own More Than You Think

A common reason people opt out of renters insurance is underestimating the value of their possessions. A small fire in the bedroom could mean replacing your mattress, entire wardrobe, furniture, etc.

To buy one item may seem doable, but to replace them all at once could mean financial ruin. This is especially true in catastrophic incidents like a flood or major fire, which could destroy nearly everything in your home.

Your Landlord’s Insurance Won’t Cover You

Many tenants feel their landlord's insurance would protect them, but that is untrue.

The landlord has a homeowner’s insurance covering the building's physical structure but excludes coverage for your personal property.

It Can Protect Your Finances

A lawsuit could devastate a person financially. For instance, if someone is injured in your home, you may be responsible for the wounded person's medical expenses.

A renter's insurance policy provides coverage for this legal liability.

Renters Insurance Can Pay for Housing After a Disaster

If a major incident should render your house unlivable, most policies have “loss of use” coverage. This covers your hotel stay, meals, and other costs while renovating your home.

It Covers Belongings Away from Home

Many policies provide coverage for items even if they are damaged/stolen outside of your home. For example, you would be reimbursed if someone steals your phone and laptop at a coffee shop.

This applies to storage units as well in some cases.

The Cost May Be Less Than You Expect

According to the National Association of Insurance Commissioners, renters' insurance costs about $15 per month. Rates differ depending on the company/state and are based on the amount of insurance you purchase.

However, insurance companies frequently offer substantial discounts for measures you take to reduce the insurer's risk. Examples include sprinkler systems, fire extinguishers, fire alarms, and even deadbolt door locks.

Choose Fuller Insurance

It's essential to grasp how drastically one unfortunate event can affect everything in your life. Many misunderstand the magnitude of such an event and are therefore not rightfully prepared when things go wrong. Identifying these risks and making a relatively small monthly payment seems a reasonable price to pay to remove this anxiety from your life.

How much is your peace of mind worth? Are you confident that your financial stability is protected? Find out more about renter’s insurance and take the next step towards protecting yourself and your family by contacting our team at Fuller Insurance today.

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