Like many types of insurance, renters insurance can often be confusing to understand — making it difficult to decide whether you need it or not. Many renters have encountered situations where they lost everything simply because their personal property was not covered.
While insurance can be expensive and seem like a waste when you do not use it — it can be even more expensive to lose your valuable possessions if you are not properly covered. Hopefully, the information we have provided here will help you to feel more confident about your decision to purchase renters insurance.
The main reason to own rental insurance is that your landlord's insurance coverage does not extend to your personal property. With renters insurance, you may also be responsible for any negligence that damages the landlord's property or that of a neighbor. Most renters insurance extends beyond on-property theft and hazards, and may cover things such as replacing stolen property while you are on vacation and covering stolen items from your car. You may even be covered if someone gets hurt because of your negligence or in case you are sued.
Renters insurance can also help you replace your damaged property and valuables. Even if you think your possessions are not valuable, they are. Most people would be surprised to discover how much it would cost to replace all of their belongings if they were lost. Consider how much all of your clothes, shoes, jewelry, furniture, DVDs and electronic equipment may be worth. How much would it cost to replace all of these things if they were ruined? In the unfortunate event that your entire building is destroyed, renter’s insurance will help you find temporary housing.
The best thing about renter’s insurance is that it is affordable. Most monthly plans range from $10 to $20 — and sometimes maybe less with high deductible plans or by adding renters insurance to an existing auto plan. If you want piece of mind knowing that your ‘stuff’ is covered in the event of an accident, consider purchasing renters insurance — and sleep better knowing that your possessions are properly covered.
If you are planning to rent a home or apartment and would like to learn more about renter’s insurance, or if you are looking for an experienced property management company in Grand Rapids, contact S&G Properties or call us directly at 616.719.0819 today.