One of the most neglected types of insurance coverage is renter’s insurance. Whether you are a college student in an apartment, a family in a rent house, or even a young adult living at home with your parents, renter’s insurance is an important piece of making sure that you are properly protected.
The most important part of renter’s insurance is the liability coverage. However, in most cases it is overlooked. The personal liability coverage of a renter’s policy gives you coverage for damages, lawsuits, etc. that may arise from a wide array of losses. Without renter’s insurance, you risk having to pay out of pocket in the event of a liability loss, which can be very costly. For grown children living at home with parents, there is a chance that the liability coverage on your parent’s homeowner’s policy will not cover you past a certain age. Renter’s insurance is not only essential for covering you from liability losses, but it also insulates your parents from losses that you may be deemed liable for.
The Medical coverage of a renter’s insurance policy goes hand in hand with the liability coverage. Your renter’s insurance medical coverage kicks in to help with medical bills that you are deemed liable to pay should someone be injured on the insured property. Again, without renter’s insurance, this expense may be coming directly out of your pocket.
The most obvious reason for renter’s insurance is to cover your contents in the event that something is lost, stolen, or destroyed. Personal property coverage on your renter’s insurance policy exists exactly for that reason. When you are sitting down with your insurance advisor to get your renters insurance set up, have a good idea of how much you would need to replace your personal property in the event that all of your property is completely destroyed. Also, make sure that your personal property is covered on a “replacement cost” basis. This will ensure that should something happen; you will get enough money from the insurance company to replace what was lost.
Personal Property Away from Premises:
A common misconception is that your auto insurance, not only covers your vehicle, but also any of your personal property that is in the vehicle. In actuality, the personal property that is in your vehicle would be covered under your renter’s insurance policy. In the event that something is destroyed, lost, or stolen out of your vehicle, if you don’t have renter’s insurance that expense will most likely not be covered, and you will have to replace it on your own.
Renter’s & Auto Discounts:
Last but not least, an “icing on the cake” reason to have renter’s insurance is for the renter’s and auto discount. Many insurance companies offer a discount on your renter’s insurance and auto insurance for having them “bundled” together with the same company. In many cases, you can get your renter’s insurance very inexpensively as a result of the discount, which can end up saving you a lot of money in the long run.
As you can see, if you are renting, or are a grown child living at home, renter’s insurance is an essential part of your personal insurance portfolio. Renter’s insurance is easy to set up and can save you big should the unthinkable happen. Give us a call today and let us set up a renter’s insurance policy for you.