Think you don't need renter's insurance? Think again!
Think you don't need renter's insurance
? Think again!The short answer is anyone who doesn't own the place they live in. Make sure your loved ones are protected. There are 3 groups that are most likely to be without coverage.
Jason Garnet meant to get renters insurance. He had called his agent and asked him about it and was waiting for him to get back to him with some answers and prices. Then his Bloomington-area apartment went up in flames. Him and his pregnant wife were literally left with nothing but the clothes on their backs.
He is now a strong advocate for renters insurance.
So is Linda Jones, who went home on her lunch hour and interrupted a burglary at her Indianapolis apartment. The thieves took her television and smart phone, but did not get her jewelry. It took her nearly six months to save up the money to replace them. You think you don't have anything of value, until it gets stolen.
Another example is Cynthia Jones who decided to deep-fry a turkey at her apartment complex in the Chicago-area. This resulted in a blaze that not only torched her unit; it did considerable damage to neighboring apartments.
You need renters insurance if you don't own the place where you live.
This includes dorm rooms, apartments, rental houses and senior living complexes.
The cost is very minimal depending on where you live and what you are insuring. The cost is generally between $100 and $300 a year. If you think you can't afford it, well think about this: if you had to pay for temporary lodging and replace all your electronics, clothes, dishes and furniture just because your neighbor fell asleep with his cigarette in his hand, could you afford it?
"Due to changing demographics and housing preferences nearly one-third of American households are now renting," says the National Multi-Housing Council. They also state that two-thirds of apartment management firms will not rent to you unless you do have renters insurance. That number increased 22% from the previous year. This assures the landlord that you can afford to keep paying your rent if you do have a loss and are less likely to file a lawsuit to recoup losses.
There are three groups that are underserved populations for renters. Those include college students, the elderly and people transitioning from foreclosure to rentals.
If you have a college student this coverage is vital as dorms and sorority houses are subject to fire, electrical surge, theft and burglary. Make sure not only your student is covered but also make sure their friends' parents know about renters insurance.
If you have found yourself in a foreclosure situation you are undoubtedly feeling shocked and grieving. It would be even worse for you lost any or all of what you have left due to the fact that you didn't purchase renters insurance. Make sure you do something about this now.
And hey there baby boomers: If you have parents living in an apartment or assisted living, find out if they have renters insurance. They may also have antiques and heirloom jewelry that need additional coverage.
You will be surprised at what renter's insurance covers. It isn't just for fire and water damage. Below are a few examples of claims that have been made:
Luggage gets lots by an airline or stolen from a hotel
You are playing in a ballgame at the park and accidentally injure someone
You just picked up $300 worth of your husbands suits from the drycleaners and you car gets stolen
A freezer full of food is ruined from a prolonged power outage
You are on vacation and are robbed of your cell phone and camera
You should clearly speak to your agent any time you suffer a loss, no matter how unlikely it seems that it will be covered. ($300 worth of suites.who knew?)
If you think renters insurance is something you may need, contact our office today and we would be happy to go over all your insurance needs with you. The Benefits of Combined Motor Trade Insurance A Quick Overview Of Honeymoon Insurance Things To Consider When Purchasing Insurance For Your Small Business Good Research And Insurance Pays For Backpackers Why you should opt for disability insurance? Learn About the Types of Disability Insurance The Tallest Residential Building in the United States Accepts the Insurent Lease Guaranty Commercial Truck Insurance: Cut Through The Confusion Insurance Companies in Australia – How to Make the right decision Fast Insurance Quotes - From a Insurance Mediator Acquire a cheap quote through online bike insurance Figuring Out the Small Business Insurance Who Gains With Insurance?