It is a misconception that renters insurance isn’t necessary. Many renters think that their belongings aren’t worth enough for coverage, or that renters insurance is super expensive. If renters were to take the time to asses the value of their belongings versus the cost of insurance, they may start thinking differently.
Your “stuff” is worth more than you think
When you rent, there is no situation where you should never go without renters insurance. Why, because even when you rent that property is still at risk for damages, like fire or theft. If you think you don’t have enough belongings worth buying renters insurance, take the time to asses your things. You may find you have more things than you thought and it’s not just the big-ticket items that matter. Clothes, dishes, electronics, are what we are talking about.
You shouldn’t depend on your landlord
Some landlords may offer tenants renters insurance, but most of the time the policy that your landlord carries only protects the building itself. This means that only the structure is covered, not the items (your things) inside of it. Even if the refrigerator you use is owned by the landlord, and it breaks down causing hundreds of dollars of food to spoil, your landlord won’t be responsible. In this situation, the claim would be handled through your renters insurance policy.
It’s more than just “your stuff”
Mistakes happen, and in some cases the brunt of the damage may impact another tenant’s things. When you have a renters insurance policy, the policy would help in the case of an accident like this. If your apartment floods for some reason and leaks, damaging your neighbors furniture, your renters policy would cover the damage up to your liability limits. The liability coverage will also have your back when it comes to an accident that can result in potential medical expenses. An example of this, is if a guest falls and trips and gets injured while on your property. Could you afford to pay their medical bills along with any legal expenses that arise? A typical renters policy will cover a full range of risks that you are exposed to by being a renter.
It’s worth it
In most cases it’s safe to say that you can afford renters insurance if you can afford a pizza or two every month. Of course premiums will vary between individual circumstances, but you shouldn’t expect to pay big bucks for a policy. You can save on your renters insurance policy if you add it to your auto insurance policy, like a bundle.
Trust your local independent agent
Even though a renters insurance policy is on the less expensive side, if you don’t shop around, you may end up paying more than you have to. Don’t worry though, when you should through a local independent insurance agent, like R.C. Keller & Company, you don’t have to do any shopping around. We do it for you. Less work and more savings for you.
Give us a call today to discuss the options we can offer. We have been helping Chicagoland renters since, 1910.