Renter’s Insurance is often forgotten, but it  is important to protect your home.

A Few Reasons Why Renter’s Insurance is Important For You and Your Home

Millions of people rent apartments, condos, and homes, but according to a recent survey, 60% of those people do not carry renter’s insurance.  I recently asked a friend of mine who lives in Long Branch, NJ if she has renter’s insurance, and she does not. We discussed why it is important for renter’s to carry insurance in the first place. Her opinion, which is shared by millions of fellow renter’s,  is that it is a waste of money to spend $100/year (that’s less than $9/month!) on insurance that will probably never be used.

This is what I told her:

1. Renter’s Insurance Can Provide Temporary Housing

If you have to move out of your rental property so it can be repaired due to an accident you caused, insurance can come to your aid. It can provide you with the expenses you need to live in another place until you can return home.

2. It can Protect Your Personal Belongings

Remember that fire in your kitchen? Even though it was contained to one room, the smoke resulted in damage to other areas of your home. Do you have money in your pocket to replace your damaged personal items? If you had renter’s insurance at the time of the incident, everything from electronics to clothing would be covered. Renter’s insurance can protect your personal belongings against fire, theft, vandalism, and more.

3. It Provides Protection in Case A Visitor Gets Injured at Your Home

You probably don’t think about it, but household accidents happen every day.  If a visitor gets hurt while they are at your residence, you can get sued for liability. Do you own a dog? If it bites someone, you will be held responsible. If you have renter’s insurance, it can protect you against financial loss in circumstances like these.

4. It Provides Protection if Someone Breaks in and Burglarizes Your Home

If you have a computer, you know how valuable it is for storing data, running applications, surfing the web and entertainment purposes. The documents, data, photos and videos you keep on your computer are irreplaceable. Most renter’s insurance offers a standard payout or replacement value, if your computer is stolen or damaged. If you feel you need additional coverage, you can purchase an endorsement, or extra coverage for your computer, as well as items such as jewelry, silverware, firearms, business personal property and almost anything you want to insure.

5. Without Renter’s Insurance, Your Financial Future Is at Risk

The final reason why you need renter’s insurance is, you really can’t afford to be without it. If your belongings are stolen, damaged or destroyed by fire, storms, smoke, vandalism or other covered causes, renter’s insurance provides you with peace of mind because you know they will be replaced.

To learn more about renter’s insurance and to get a quote for your rental, contact LG Insurance Group.

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