Do you have Renter's Insurance

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why is it important to have renter's insurance?

 

If you're renting an apartment or home, you'll need an insurance policy to cover your personal belongings. Your landlord's property insurance policy covers losses to the building itself – whether it's an apartment, a house or a duplex. Your personal property and certain liabilities, however, are not covered under the landlord's insurance policy. 

Renter's insurance works much the same way Homeowners insurance does.  It provides you protection for:

  • Personal possessions – coverage for your things (clothes, furniture, electronics…that kind of stuff) up to your coverage limit.

  • Personal liability – coverage if you’re ever legally responsible for an injury or property damage, like if you drop some water and a guest slips and sues.

  • Medical payments – coverage for medical expenses if someone (other than a resident) gets hurt in an accident at your place.

  • Additional Living Expenses – coverage for extra temporary living expenses if your place is damaged and becomes uninhabitable.

 

Renters insurance can also fill gaps left by your other policies, like your Auto insurance. Let’s say, for instance, that you leave your laptop in your car one night after work. At some point, a criminal walks by and thinks “Man, I could really use a new laptop.” You come out the next day to a broken window and a laptop-less car. Thankfully you have Auto insurance right…so you’re covered! Again, no dice. While the window might be covered, most Auto policies don’t cover personal items left inside.  In this case, your Renters insurance could help replace your stolen laptop.

 

 

 

bottom line

Renter's insurance provides coverage for your personal belongings, whether they are in your residence, car or with you while you're on vacation.  Renter's Insurance is incredibly CHEAP!!!  In fact, according to the 2011 figures reported by the National Association of Insurance Commissioners, the average renter's insurance policy was around $187.00/yr.  If you break that down on a per day basis that would be:

51 Cents per day

That's cheaper than a can of Mountain Dew!!! 

So the only question that remains to be answered is whether 51 Cents a day is really worth the peace of mind, knowing that you and your possessions will be protected?        

We Think it Does!!!!

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