What is renters insurance and why you need it.
Majority of us understand the importance of having homeowners insurance, but many never stop to consider the importance of renters insurance.
Do you assume your landlord will pick up the bill for any damage, destruction, or loss of your property due to an unexpected event or disaster at your apartment or condo? Think again!
Don’t make the mistake that many people do and think that if your landlord has insurance then you are taken care of.
Your landlord’s insurance usually only covers what they own and is most likely limited to land and physical structures; all of your belongings inside of the building are excluded – thus the importance of having renters insurance.
Of course, the responsibility of having renters insurance is included in your lease or contract, but if you’re like most people, you probably didn’t know or want to spend the money. Think about how much you invest in your clothes, smartphone, laptop, iPad, TV, sports equipment and so much more. Renters insurance typically covers you and your personal property.
According to a survey conducted by the Insurance Information Institute, only 31 percent of renters nationwide are currently taking advantage of the numerous benefits and financial protections that come from renters insurance.
If you’re one of the 69 percent of renters without insurance, this post is for you.
What is renters insurance?
Renters insurance protects you and your belongings from damages due to hazards like fire, lightning, windstorm, hail, explosion, smoke, and vandalism. It’s important to be aware of what’s included, and not included in your individual policy. Be sure to speak with your agent about your specific coverage.
What does renters insurance cover?
Not all policies are the same, but in general, renters insurance can cover:
Personal property coverage – Have you ever thought about calculating the dollar amount of everything you own? It’s quite shocking when you do. When you determine the replacement value of your property, the renter’s premium is based on this amount. This coverage will help replace your personal items, like your clothing and appliances, as well as your more expensive items such as your laptop.
If you have questions as to the amount of personal property coverage that’s right for you, or how to determine the value of your belongings, feel free to contact the Pettineo Insurance agency.
Liability coverage – Sometimes, things just happen! If a person is hurt while visiting the home you rent, you may be held liable. Liability coverage will help protect you if you are sued due to an accident that happened in or on the property you rent.
Additional living expenses – If for some reason your home becomes inhabitable, renter’s insurance may cover a percentage of the costs for your temporary living arrangements, including bills that you wouldn’t normally incur, like restaurant bills.
Why is renters insurance important?
In the grand scheme of things, having renter’s insurance is very inexpensive as opposed to having to pay unexpected out of pocket costs to replace your belongings.
If you’re interested in obtaining a renters insurance policy, or have questions about specific coverage’s, contact the Pettineo Insurance Agency at 954.493.9424 or visit our website, pettineoinsurance.com
Pettineo Insurance Agency Inc provides renters insurance in Fort Lauderdale, Lauderdale-By-The Sea, Pompano Beach, Oakland Park, Boca Raton, Hollywood, Coral Springs, Tamarac, Sunrise, Hollywood, and all of South Florida.
