If you rent the condo you are living in, then you may be under the false impression that you do not need insurance since you are not the owner. While this is a common misconception, the fact is that you will need a renter’s insurance policy to cover your belongings in the event of a fire or break-in, as your landlord’s insurance policy will likely only cover losses to the building itself. This makes it critical that all renter’s invest in an insurance policy that will protect them in the event of an emergency. If you are unsure whether renter’s insurance is right for you, or you have never considered renter’s insurance before, here are just a few of the reasons you should consider investing in insurance.
It Covers Your Personal Property
One of the primary reasons renters forgo insurance is that they believe they do not need it; even if they are aware that their landlord’s insurance will not protect their belongings, they often underestimate the value of their possessions and how expensive it could be to replace them. However, when you factor in clothes, jewelry, electronics, furniture, and appliances, the value of your possessions can quickly add up. In fact, the average renter has about $20,000 in personal property, which makes renter’s insurance an invaluable investment as it will help you cover the cost of replacing your belongings should they be stolen or destroyed.
It Offers Liability Protection
Another important reason to consider renter’s insurance is that it offers liability protection. This provides you with protection if someone gets injured on your property. Many renters are unprepared when a friend twists an ankle in their property and sues them for their medical bills. However, if you have renter’s insurance you will be taken care of in such an instance and will not have to pay these expenses out-of-pocket.
It Can Cover Unforeseen Expenses in an Emergency
If your home becomes uninhabitable due to a fire, earthquake, or some other covered disaster, you may suddenly find yourself homeless. However, many renter’s insurance policies help to cover emergency living expenses in these situations that will help pay for the cost of food and temporary housing, ensuring that you are taken care of during this difficult time.
If you rent the home you live it, it is still critical that you invest in the proper insurance. If you would to like to discuss your options for renters insurance please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
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Rob Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953.