Do you need renters insurance?
While it may be seen as an optional expense for first-time renters, the value of renters insurance cannot be overstated. In today’s blog, we will be exploring the myths and misconceptions behind this form of insurance—as well as a few helpful ways to determine if you’re ready for a renters policy.
The home divide
While homeowners insurance is typically seen as a universal necessity, renters insurance is a little less ubiquitous. A pool by the Insurance Research Council noted that a vast majority—96 percent—of homeowners have insurance policies for their homes, while less than 50 percent of renters have any sort of renters coverage.
While it may seem understandable—renters may not feel a sense of permanency in their homes, for example—renters insurance, even for those moving into their first apartment, is always a good idea.
A matter of contract
Aside from the clear-cut benefits of renters insurance (which we’ll explore below!), picking out a policy may be a matter of contract in some lease agreements. Today’s landlords are savvier than ever (whether due to past tenant experiences, or simply a greater understanding of the law), and they may require that you enter the lease agreement with an insurance plan ready to go.
If you’re getting ready to move into a space of your own, getting started on the insurance search now can keep your rental process simple and surprise-free.
Why it matters
Many current or potential renters may wonder—do I need renters insurance? The truth is, whether you’re just starting out or are moving into your second, third, or fourth rental home, you can benefit from the peace of mind that renters insurance offers. It covers things that your landlord’s homeowners insurance simply does not—their primary focus is the rental itself. Everything inside—from big-ticket furniture to sentimental tokens of family—is yours to protect!
We hope that today’s blog has given you a better understanding of how renters insurance works. If you’d like to learn more about the policy options available to you, call our office today!
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