Underestimating the Importance of Renters Insurance? Think Again.

2012-02-29
By: Advocate Brokerage

To a homeowner, investing in homeowners insurance is essential, yet to the average renter, renters insurance seems only to be an option, one in which most choose to decline. The reality is renters insurance is as important as any other and the decision to opt out may be a mistake.

Similar to homeowners insurance, renters insurance provides incredible protection for your personal property should a disaster occur such as a fire, a flood, or a robbery. The difference is renters insurance comes at an affordable cost. In most cases, renters insurance will also protect you against liability issues should a person become injured in your home.

More and more landlords are beginning to require renters insurance upon signing a lease. The good news is you can adjust the cost of your coverage based on the value of your personal possessions.

Contact us to help assist you in getting started with renters insurance. For now, here are some simple steps to guide you in determining the impact renters insurance could have on your life:

1. The landlord of your building will most likely be required to hold homeowners insurance, but carefully consider the fact this insurance will not cover your personal possessions in the event of a disaster.
2. Consider what your personal belongings mean to you and if you would have the ability to replace them should a fire or theft occur.
3. Take an opportunity and document your belongings and the monetary value they have.
4. Do your research. Does the cost of a monthly insurance payment compare to the price you would pay to replace your lost possessions?

Post written by DGI.