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Sandvik Insurance Agency Blog

Three Important Reasons to have Renters Insurance

3/2/2016

7 Comments

 
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Sandvik Insurance Agency's Three Important Reasons to have Renters Insurance
Every dollar you take home is important and you do your best to spend them wisely. When purchasing a house, most people borrow from a bank and are required by the lender to buy insurance. However, when you rent, that check and balance isn’t in place to remind you of the risks of being uninsured. In fact, an Insurance Information Institute (III) poll completed in 2014 showed that only 37 percent who rent a house or apartment are insured.
 
Did you know that if you rent, your landlord’s insurance will only cover the costs for damage to the building and not your personal items? Renters insurance is well worth the investment. Check out the three ways that renter’s insurance protects you – the renter.

1.  Coverage for your personal possessions
     It doesn’t seem likely that you could ever lose your “stuff”, but it can happen to even the      most careful person because well, unexpected things happen. Then what? Well, renters        insurance may reimburse you for loss of, or damage to your personal possessions from causes such as fire or lightning, windstorm or hail, explosion, vandalism or malicious  mischief, theft, falling objects, weight of ice, snow or sleet, water damage resulting from      utilities and electrical surge damage. Some policies even include a limited amount of off        premises coverage for when you travel.
 
2.  Liability protection
     If you’re sued because you, your family member or your pet cause someone to suffer  bodily injury or incur property damages, a renters insurance policy gives you protection.  How? The policy pays for your defense attorney and any damages awarded - up to the limit of your policy. A standard policy typically provides at least $100,000 of  liability coverage, with more available for additional premium. Your renters policy also          provides compensation to someone who is actually injured while in your rental unit.  Most policies allow between $1,000 and $5,000 in coverage.
 
 3. Additional living expenses
    
Where would you stay if your property was damaged by fire or storm and you had to move out temporarily? A renters policy may provide you with additional living expenses  (ALE) so you can live elsewhere if your rental is damaged or destroyed by a disaster. The  ALE pays for meals, hotel bills and normal expenses (laundry, utilities, etc.) you  incur while the property is repaired or rebuilt. Make sure you know how much  coverage you have and what the limitations are. Some insurance companies  provide coverage for a specific amount of time and others have a financial cap. 
 
Protect your personal property and your savings by contacting your independent insurance agent to discuss your options for renters insurance today. Ask about discounts you may be eligible for. The benefits far outweigh the cost and you’ll sleep better knowing you’re covered.  Courtesy of
Integrity Insurance
7 Comments
Fred Gibbons link
4/13/2021 12:56:05 pm

It's good that you elaborate on how renters insurance can cover you financially if your apartment gets damaged. I'm thinking about renting an apartment this summer, so I should probably buy some insurance for it. I'm going to look for a reputable business that can help me get some renters insurance.

Reply
Chris Pederson link
5/4/2021 03:37:36 pm

I had no idea that renter's insurance can pay for a defense attorney. That honestly makes it way more worth it to me. Maybe I actually will get some this time when I move into my new apartment.

Reply
Taylor Hicken link
5/11/2021 09:49:45 pm

I appreciated it when you shared that it is great to have renters insurance as it provides coverage for your personal possessions in case of unwanted circumstances. My friend just mentioned the other day that she is thinking of renting a house that is located nearby to her workplace as she is tired of commuting the train for hours just to reach her office from her parent's place. I will suggest to her getting renters insurance from a reliable provider so all her belongings are protected.

Reply
kate hansen link
5/18/2021 04:44:23 pm

I like how you mentioned that it can protect your personal possessions. My sister was telling me about how she and her husband were thinking of getting renter's insurance. I'll make sure to pass this information along to them so that they can know the benefits.

Reply
Braden Bills link
11/4/2021 09:58:51 am

I'm going to be renting a home, and I want to make sure that it's still insured. I didn't realize that renters insurance could cover for this kind of thing! That seems like a great way to ensure that my possessions are properly protected.

Reply
Daisy James link
3/13/2023 05:25:34 pm

I'm glad you said that you can be reimbursed for broken and damaged personal items with renters insurance. My fiancé and I want to find an apartment to move into this month, so I was wanting to learn more about renters insurance, and if it would be a good idea for us to get. I appreciate you helping me learn more about the advantages of getting renters insurance!

Reply
homeowners insurance massachusetts link
3/21/2023 02:08:09 pm

Renters insurance is often overlooked, but it provides crucial coverage for renters. This blog post by Sandvik Insurance Agency provides three important reasons to invest in renters insurance, including coverage for personal possessions, liability protection, and additional living expenses in case of disaster. With so many benefits, it's important for renters to consider purchasing a policy to protect themselves and their belongings.

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