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Renter's Insurance. What is it and Why You Need It?

Updated: Jul 10, 2020

In today's economy its not surprising that more people are renting. In 2017 there were over 83 million people living in rental properties. An article posted on ipropertymanagement lists 16 cities in the United States where the majority of people were renters. Stockton, Santa Ana, Anaheim and San Bernardino were all on this list.

I know what you're thinking- millennials. Sure millennials have a huge impact on just about all of this country's financial trends but nearly 40% of all renters or over age 45.

A survey conducted by Assurant revealed that security is one of the most important factors renters consider before moving into a rental property. Of those polled, nearly half stated that a locked door is the only safety precaution they use to protect their personal belongings when they're away and over 1/3 of those polled admitted to depending on neighbors.

There seems to be a lot of misconceptions about renters insurance. Some renters, (of all ages), overestimate the cost by five times it's actual amount.

Here are some other common misconceptions:

- Landlords are responsible for renter's personal property in the event of theft

- Renters insurance is expensive

- Renters insurance only provides coverage for my stuff inside my residence.

The truth is, renters insurance costs less than $200 a year and when combined with an auto policy qualifies you for certain discounts. And your stuff is covered anywhere in the world and may even by covered if it's stolen out of your car.

What else can renters do? A lot. Here's some things you might not know about renters insurance:

- Renters insurance provides protection against legal claims in the event that you or your family hurt someone or damage their property, this includes your pets too.

So if your dog bites someone or another dog, your renters policy will help cover medical costs and legal defense if you get sued.

- With renters insurance your personal property is covered anywhere in the world. Even when you're moving as long you are moving within the state.

- In the event that your residence is uninhabitable due to damages caused by a covered loss, your renters policy will provide assistance with living expenses for up to 24 months.

There's also additional coverages too. Safeco offers protection against identity theft for around $1 a day. Other optional coverages include:

- Valuable item coverage which provides coverage for expensive items like jewelry that might require higher limits than those included in a standard renters policy.

- Personal property replacement cost protection is also available. This type coverage will replace items lost or damaged in the event of a covered loss as if they were brand new regardless of their condition up to your policy limits.

In an era where more and more people are renting, renters insurance is an absolute must.

The damage of not having a renters policy could cost you everything.

Don't wait until its too late. Talk to an agent to find out more.


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