Unfortunately, we recently were given a very real example of the importance of renters insurance here in our community. 16 families were deemed homeless due to an unforeseeable accident with nothing but the clothes on their back.
While nothing can ever replace the sentimental items such as photos, children’s art and school memorabilia, wedding items or collectibles handed down from family – renters insurance can help you get back on your feet sooner rather than later.
Renters insurance is designed to cover your stuff if something happens to your apartment or house you are renting. The policy covers you for specific things like fire, theft, vandalism, etc. It also provides personal liability coverage and additional living expense.
Liability Coverage -Covers losses for which you become legally liable, it also includes legal defense costs. For example, your child accidentally injures another child at the playground and you are sued for damages.
Additional Living expenses – Pays for extra expenses, over your usual living expense that you may incur if you have to live away from your home following a covered loss. Expenses paid may include hotel and/or restaurant meals, the additional cost of rent at another location while your is being repaired.
Personal Property – This coverage protects against loss to personal property in a covered claim. This would include things like furniture, electronics, clothing, dishes, toiletries and household cleaning supplies. There may be special limits for certain items such as money, jewelry and computers to name a few.
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The cost of renters insurance varies but is typically less than $20 a month. The good news, you could qualify for a multi policy discount for bundling your auto and renters insurance. The amount of the discount may actually cover most of the cost of the renter’s policy.
If you currently rent and do not have an insurance policy we urge you to call your agent today. An initial quote is not time consuming and we promise it will be worth the investment.
While suffering a loss such as a fire is devastating; insurance can help you get back on your feet faster.
