Pitch: Insurance? Nah…My Landlord’s Got Me Covered.
Pitch: Insurance? Nah…My Landlord’s Got Me Covered.
There’s a lot of reasons people rent the space where they live. Some do it because they don’t want the responsibility of homeownership. Others because they can’t quite afford to buy a house. There are those who appreciate the relatively low costs of renting vs buying. When you rent, for example, you don’t have property taxes, maintenance expenses or homeowners’ insurance. You do, however, still need to cover your personal property and protect yourself from liability claims.
If your reaction is “Nah, my landlord’s got me covered.” you better take another look.
Whether you are renting a house or an apartment, your landlord likely has coverage that protects his interest, not yours. Their building will be covered in the event of a fire or other covered calamity, but your personal property? Not so much. If someone trips and falls in your apartment or house, the landlord may be covered from a liability claim, but you, as a tenant, will not.
The good news is that renter’s insurance will cover your property and cover liability claims, and it is very inexpensive. In fact, some policies can cover you for less than a dollar per day.
So what will renters insurance protect you from? Some examples include loss of personal items due to fire or storm damage, theft, vandalism and more. It will cover valuable personal items like your clothing, furniture. electronics and digital devices. It can cover any small collections you may have like coins or stamps. It can cover you from liability claims resulting from an injury in your living space to a friend, visitor or even a delivery person. Another nice feature of renter’s insurance is that it will cover a certain amount of your personal property from loss even while traveling.
Yes, renting can be a smart economic move, but not if you are putting your personal property at risk or potentially subjecting yourself to a liability claim. If you expect your landlord to have you covered you may find yourself in a tough spot.
If you are renting living space or considering it, we strongly recommend renter’s insurance. We will be happy to assist you in getting sufficient coverage at an affordable rate. Bundle it with your auto insurance and you may see additional savings. Protect your stuff…with renter’s insurance. Contact us today!
Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder
Search All Blogs
Read More Insurance Blogs
Why Life Insurance for a Child (or Grandchild) Is a Good Idea
Why is the purchase of a life insurance policy on a child a good decision? There are multiple reasons, including helping to ensure their financial future. Learn more in our blog.
Pet Peeves: Dogs and Liability Insurance
Are you covered from a liability claim should your dog bite a friend, neighbor, relative or stranger? Most renters’ and homeowners’ policies offer some protection, but is it enough? Find out more.
6 Reasons to Choose an Independent Insurance Agency
Once you understand the difference between a “captive” insurance agency and an independent one, you begin to understand the value of independence.
Your Smartphone and Insurance
Your smartphone can be an important tool to document what happened in an automobile accident and to document your personal belongings in a homeowners’ insurance claim.
What Would You Pay for a Genie in a Bottle?
What if it was possible for you to buy a Genie in a bottle? Would you be interested and what would it be worth? Read how we can potentially make this possible for you and your family.
Is Buying Insurance Gambling?
Is buying insurance gambling? While there are some similarities, one could argue that NOT having insurance is more of a gamble that not having insurance.
Water isn’t always just water. Sometimes it’s a Flood. There’s a Difference!
What is and isn’t covered under flooding insurance? Is flooding even covered under your insurance policy? Get the answers to your questions about water, flooding and your home.
Employee Practice Coverage
What is Employee Practice Coverage
9 Easy Ways to Prevent Yourself from Becoming “Insurance Poor”
What is “insurance poor” and how can you prevent yourself from getting there? Here are nine quick suggestions to help you stay in control of insurance costs.
Pitch: Insurance? Nah…My Landlord’s Got Me Covered.
Renting can be a smart move financially, but not if you are putting your personal possessions at risk. Learn how affordable renter’s insurance can protect your stuff and cover you from a liability claim.