I Rent, So Why Do I Need Insurance?
I Rent, So Why Do I Need Insurance?
Millennials are now the largest segment of our population. They soon will be the largest percentage of our workforce. The โeveryone gets a trophyโ generation has gotten some bad press, but they are social, socially responsible and tech-savvy. They also don’t like paying for more than they use. This has led to the popularity in ride-sharing, use of rental bikes and scooters and a slower trend toward homeownership.ย There’s nothing wrong with this philosophy and some view it as a way to minimize obligations and expenses. This can lead to the mistaken notion that if one rents a home or apartment, they don’t need to have insurance.
The fact is that the landlord or property owner may have coverage on the rented structure, but that coverage will likely not cover the tenant’s contents and belongings. Furthermore, it doesn’t relieve the tenant’s responsibility for any injuries that may occurย in their home or apartment. The solution? Renters insurance.
What is Renters Insurance?
Renters insurance is a policy that covers those who choose to rent the space they live in. There are three significant ways renters insurance protects tenants.
- Personal Property Coverageย โย Renters insurance will cover the personal property of a tenant due to theft or a natural disaster. These losses can be quite significant when one considers their furniture, clothing, collectibles and expensive electronic devices. Imagine losing your tablet, laptop or smartphone. Have we got your attention?
- Liability Coverage โย If a pizza delivery person falls while in your apartment there could be more damage than the loss of a pizza. Even an injury to a friend or relativeย in your rented home can lead to a liability claim. The liability coverage of a renter’s policy protects you from the financial losses associated with a liability claim including legal and settlement costs.
- Protection While Travelingย โ One of the overlooked benefits of renters insurance is the coverage it provides for your belongings while traveling. Shouldย possessions (like that tablet) get stolen while traveling, your renter’s insurance will likely cover it, based on any deductible.
It is Affordable
Millennials and everyone else for that matter will appreciate how affordable renters insurance can be. It can generally be acquired for just a few dollars a week.
Just because you rent your home doesn’t mean you don’t need insurance. The good news is, it is a much cheaper option. Contact us to find out how renters insurance can provide you just a bit more peace of mind.
Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder
Search All Blogs
Search All Blogs
Read More Insurance Blogs
Life Insurance Myths Busted: Unveiling the Simple Truths Behind Financial Security
Considering life insurance but confused by the myths? We clear the air on common misconceptions and show you how to get simple, affordable coverage.
The Farewell Financial: Planning a Peaceful Goodbye
Beyond Goodbyes: A Guide to Navigating Funeral Costs and Life Insurance
Why Life Insurance Matters for Businesses
Death and the Business Owner: How Life Insurance Can Secure Your Legacy
Beyond the Grave: Burial Insurance vs. Life Insurance Explained
Don’t Be Buried by Confusion: Understanding Burial and Life Insurance
From Bronze Age to Boomers: How Life Expectancy Went From Meh to Magnificent
How Long Will You Live? A Look at Life Expectancy Throughout History (and Why You Might Need Life Insurance)
Beyond “My Beloved Spouse”: A Guide to Choosing Your Life Insurance Beneficiary
The Beneficiary Bunch: Understanding Your Options
Life on the Edge? How Your Hobbies Can Affect Your Life Insurance Rates
Beyond the Premium: Unveiling the Unexpected Links Between Hobbies and Life Insurance
Unveiling the Different Players (and Why We’re Your Guide!)
Insurance Companies: Not All Created Equal! Find Your Perfect Match with Our Help
Cracking the Code: Cash Value, Loan Value, Surrender Value – It’s All in the Life Insurance Policy!
Beyond the Death Benefit: Unlocking the Hidden Gems of Your Life Insurance Policy
Beyond the Payout: 6 Unexpected Perks of Life Insurance You Might Not Know
More Than Just a Payout – Unlock 6 Hidden Gems for Your Loved Ones