Did you know that a whopping 37% of American households are occupied by renters, as reported by the National Multifamily Housing Council? Yet, the Insurance Information Institute (III) revealed in a 2015 study that a mere 40% of renters actually have renters insurance, while homeowners insurance is held by 95% of homeowners.
Now, while renters don’t have to worry about rebuilding their homes’ physical structure in case of a loss, they still need to pick up the pieces and rebuild their lives. That’s where renters insurance swoops in to save the day!
If you’re a renter, it’s time to sit up and take note of these three crucial facts about renters insurance and how it can shield you and your family from financial turmoil following a loss.
Renters insurance protects your precious possessions.
You might already know that renters insurance covers your personal belongings against loss, but have you grasped the significance of this protection? Imagine the aftermath of a fire or a home flood; people often lose everything – from their smartphones and laptops to their clothes, furniture, and much more. Without renters insurance, replacing these cherished items can burn a hole in your pocket, as they could cost thousands of dollars. Securing a renters insurance policy is the simplest way to dodge this predicament.
Renters insurance shields you from liability.
When people think of renters insurance, they often only consider the coverage for personal belongings. However, renters insurance goes beyond that, offering vital financial security and reducing liability. From inadvertently causing water damage to a fellow tenant’s apartment to your beloved pet biting a neighbor, renters insurance has your back, softening the financial bundle if you’re held legally accountable.
Enhance your renters insurance policy with insurance riders.
We’ve established that renters insurance covers your personal possessions and liabilities. But the perks don’t end there! You can broaden your protection by purchasing insurance riders; this offers an extra layer of safety, covering everything from valuable collectibles like a rare Pokemon card collection to pricey jewelry.
