No matter whether you rent or own, it’s important to have the insurance you need to cover your belongings. If you rent, however, your landlord or property management insurance policy only covers losses to the building itself. Your personal items, on the other hand, are only covered if you have renters insurance that you pay for out of your own pocket. While 95% of homeowners have an insurance policy, only 40% of renters have insurance to protect the contents of their home. That’s why Syringa Property Management would like to provide you with the following key reasons why renters insurance is worth it.
On average, a renter’s insurance policy costs approximately $200 per year. However, your actual price will depend on factors like how much coverage you need, the type of coverage you choose, deductibles, and where you live. If you live in certain areas like California or New York, for example, you’re more likely to pay more compared to states like Idaho, Wyoming, and Utah.
Personal Property Protection
A renters insurance policy provides you with personal property protection, which includes things like clothes, electronics, jewelry, furniture, and more. Even if you don’t own much, the value of what you do have can add up to a lot more than you realize – and more than what you’ll want to pay to replace everything in case of a fire, robbery, etc. In fact, an average renter owns approximately $20,000 worth of personal items.
Liability coverage is often included in a standards renter’s insurance policy. This provides you with protection if someone gets hurt while in your apartment or if you accidentally injure someone else. Liability coverage helps to pay for any legal expenses and court judgments set by your policy limit.
Whether your belongings are in your home or car with you as you travel, they are protected no matter where they are. Depending on your individual policy, your personal items are covered from loss due to theft and damage no matter where you travel. Keep in mind, however, that it’s important to ask your insurance agent and check your policy for the details on what constitutes “covered losses.”
Unforeseen Living Expenses.
If your apartment becomes uninhabitable due to a fire, flood, or some other peril, your renters insurance policy may cover unforeseen living expenses associated with finding a temporary place to live, meals, etc. Take the time to check your policy to find out how long it will cover these additional living expenses, should something happen, and if it caps at a certain amount.
The Bottom Line
In a nutshell, renter’s insurance is well worth the money when it comes to protecting your personal belongings in a worst-case scenario. Even more, renter’s insurance will provide you with liability coverage in case someone gets hurt in your home. Just make sure you understand all the things your policy covers and talk with your agent about any deductibles and coverage limits.
Syringa Property Management
If you’re looking for a new apartment in Idaho, Arizona, Colorado, Montana, New Mexico, North Dakota, Oregon, Utah, Washington, or Wyoming, Syringa Property Management can help. As one of the most dependable property management companies in the Northwest, we provide superior tenant services and the best housing environments for our tenants.
For more information, contact us by filling out our online form or give us a call at 1.800.545.1833.