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When it comes to ensuring that you are protected from the unexpected, renter’s insurance can be a lifesaver. From covering the cost of your belongings to protecting you from liability lawsuits, a yearly premium can go a long way to give you peace of mind while renting or leasing a property. Take the time to do your research to find the insurance provider that offers a quality coverage option that you can afford, and you can enjoy your renting experience without fear of anything 2020 may throw your way!
If 2020 has taught us anything, it is that you never know what tomorrow may bring. The consistency that you trusted yesterday could be gone tomorrow – and often in the blink of an eye. If you are currently renting a home or apartment, having a quality insurance policy is vital to ensure that you not only recover the financial value of your belongings but that you are protected from a variety of liabilities.
However, even in the midst of a wild and uncertain world, millions of renters continue to forgo renters coverage for a variety of reasons. Though there are ample reasons to seek coverage, many renters still don’t carry a policy. In fact, only 37% of renters report that they currently hold a renter’s insurance policy as compared to 95% of individuals who own their homes with a homeowner’s insurance policy. The result? A costly and tragic situation that could leave you out on the street without warning.
Not only do you need a renter’s insurance policy that is effective in covering your valuables, but you will want to ensure that your policy provider has a fully transparent process that puts you first should the unexpected occur. Here are five reasons that you should jump online and find a quality – and affordable – renter’s insurance policy today.
One of the main reasons so many individuals forgo renter’s insurance is based in a myth – the expensive cost of insurance. In reality, it’s anything but expensive! According to the latest averages, the median renter’s quote comes in at an average of around $150-$200 per year. This is the cost of a low-level monthly phone or car payment! While many factors come into play when quoting insurance – including location, belonging value, and more – the cost for great coverage is actually quite affordable! When seen in this light, taking out even the smallest level of renter’s insurance is a no-brainer for the budget-minded renter.
Here’s a scenario you may be familiar with: you upgrade your brand new phone, only to drop it on the cement after you get out of the car later that day. A cracked screen and broken button mean a costly replacement of an expensive mobile phone – a nightmare for anyone. Wouldn’t you rather walk into your cellular provider and have them simply hand you brand new, insurance-covered phone in the event of an accident?
Now take that concept and apply it to everything in your home. A quality renter’s insurance policy – such as those provided from reputable companies such as Homesite Renters, Travelers Renters, and other companies – will allow you to write up all of your belongings and receive the monetary value for replacement should the unthinkable occur.
You may think that a renter’s insurance policy only covers the standard crisis situations such as natural disasters or theft. Once again, a common myth is busted with a short bit of research into common policies. A common coverage policy can guard you against more than you expect, including:
That is a lot more than you expected, isn’t it? Now you can see why a landlord requires renters insurance for many renters. With so many coverage options available – some at an increased premium based on your unique situation – you may want to ensure that your policy covers the full gambit of possibilities. It is 2020, after all.
When renting, you aren’t the only individual who is at risk. Many high-cost problems can occur when accidents occur to other people in your home. While you may think that your buddy’s broken leg may be his problem, you never know when his insurance company may come back at your for payment. A renter’s insurance policy can cover liability problems related to unexpected accidents that occur while you are leasing a property.
Popular renter’s coverage companies such as Progressive Renters Insurance and Liberty Mutual Renters Insurance can offer medical coverage that covers liability up to $100,000. When seeking a renter’s quote, ask for the various levels of coverage that kick in should someone face medical expenses from an unexpected event that occurs in or near your home. This way, you don’t have to worry when Johnny trips coming up the icy stairs to your apartment this holiday season.
The last thing you want during your dream vacation abroad is a call from your landlord letting yo know that your upstairs neighbor’s bathroom flooded, providing you with a wave pool in your living room. A quality renter’s policy can cover you from the unexpected that occurs while you are away from your leased property. Out of sight, out of mind!