I Don't Need Renters' Insurance......Think Again!
One statistic claims that 87 million Americans who rent do not possess renters' insurance. That is not only a large number of individuals; imagine the dollars lost when tragedy strikes their rental property in the form of a natural disaster or theft. Even a guest being injured on the property can lead to a financial nightmare.
Reasons for Not Having Renters' Insurance
The reasons people will provide for not having renters' insurance can range from not having the money, to thinking they did not need it to claiming their dog ate the paperwork, Okay, the last one may be a stretch....but you get the idea. When you dig down to the bottom of why many people do not carry renters' insurance, you will find that the main reason is that they incorrectly believe that their landlord is protecting them and it is a waste of money. Once again....wrong!
For individuals pinching pennies these days, don't be mislead into thinking that renters' insurance is too expensive for you. Some renters can acquire the needed coverage for as little as 50 cents a day, dependent on the total value of their household. In all likelihood, coverage for an entire year will run in the area of $200 a year....is a little more or little less depending on the circumstances involved. While price can be a misconception when it comes to renters' insurance so too can be the idea that one's stuff is not worth enough to warrant coverage. Renters should look at the big picture and realize that their possessions can add up quickly in value. Even if the items you own were purchased second-hand, they can escalate in price and losing them to a natural disaster or theft could lead to major financial challenges in order to replace them.
Shopping for Renters' Insurance
One of the best ways to avert this problem is by shopping for renters' insurance and securing multiple quotes in order to secure the best deal possible. While other forms of insurance can take time to purchase, acquiring renters' insurance can be done in a short period of time and with little hassle. As you look at the price of renters' insurance, the main factor driving cost will usually be the amount of coverage you're purchasing, where you reside and any applicable discounts you could be entitled to, based on how old you are or the fact that you have other coverages with the same insurer. Keep in mind that even with renters' insurance, there will be some exclusions that kick in even when there is a loss. Generally, those exclusions are the same as those impacting homeowners, meaning policies will not cover things such as earthquakes or floods. Those events will necessitate separate policies. At the end of the day, getting multiple quotes and working with an agent are great roads to travel. An experienced agent can be a great source in helping you determine the amount of coverage you need and assisting you to locate the best deal. Whether working with an agent or not, be sure to read the fine print and do not be afraid to ask questions regarding renters' insurance.