The importance of renter’s insurance

Renting vs. owning your own home does have some advantages.  You do not have to worry about a hefty mortgage or dealing with banks and unfavorable rates.  Mowing the lawn and fixing household repairs are usually your landlord’s responsibility.  You can spend your time and money doing other things that might give you more pleasure.  However, just because you do not own the home you live in does not mean you do not have responsibility.

In the home you rent, you still have possessions of your own that you would probably miss if they were to go missing or end up broken somehow.  If that were to happen, replacing or repairing your items could end up costing you a lot out of your own pocket.  Those unforeseen and unexpected problems could become a serious financial burden over time.

Also, you could be held liable by a third party if something were to happen to a guest’s belongings during a visit.  A guest could get hurt while visiting which could result in large medical bills that you would be responsible to pay.  This is where renter’s insurance comes in.

Having your own renter’s insurance policy will give you the same coverage as a homeowner’s insurance policy minus the coverage for the home itself.  Renters insurance covers your belongings even if they are not located at your home at the time.  For example, if your purse is stolen from your car, you will have protection through your renter’s insurance policy.

It also offers you liability protection in the event that you are held liable for third party accidents or injuries.  For a very small premium, you could have the coverage you need in case something you never would have expected happens.  Call us for a quote on a renter’s insurance policy and see how much protection you need for all you own.

Photo by turkeychik