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Why Renters Should Buy Insurance
People are renters for different reasons. Regardless whether it is because of financial necessity or a lifestyle preference, renters frequently choose not to insure for reasons such as:
Insurance isn’t necessary because there’s no home, garage or similar property to worry aboutThere’s coverage automatically provided by my landlord, host or relative with whom I’m livingI can’t afford itI don’t have enough possessions to insureThere’s little chance that anything will happen to my possessions
Busting Renters Insurance Myths
The only thing true about the above reasons for not getting renters insurance is that they can cause real misery from an uninsured loss. Renters need to consider the following:
Possessions are purchased over time. This fact makes it less obvious that a renter may own tens of thousands of dollars worth of property that needs to be insuredMany belongings are very high-value. Renters should consider what jewelry they own and pay particular attention to their electronics situation (stereos, CDs, CD players, game systems, speakers, computers, etc.) Even modest living areas can hold lots of expensive property.Renters insurance is affordable, often well under $200 per year.Insurance policies carried by landlords typically offer little or no coverage for property that is owned by tenants and guests.The same things that can damage a building can damage the property in the building, particularly natural disasters and fires; so a building’s contents are very vulnerable to loss
What about Being Sued?
Renters who don’t carry insurance should remember that they also need protection for their legal obligations to others. What if you’re on a softball team with your friends and you smash a line drive into the face of another player? Emergency treatment and cosmetic surgery is expensive.
If you rent and you don’t have insuranceâ€¦then you have a very good reason for contacting an insurance professional to get you coveredâ€¦.now!
COPYRIGHT: Insurance Publishing Plus, Inc. 2013
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TruePoint Insurance Group, LLC
6287 Taylorsville Rd.
Fisherville, KY 40023
TruePoint Insurance Group, LLC is not licensed to practice law, nor can it provide legal counsel. This summary is not intended as a legal opinion. We cannot warrant that the opinions and representations provided in this summary are accurate. TruePoint Insurance Group, LLC has provided this summary of the Virginia Graeme Baker Act for your awareness. The summary may or may not identify your requirements as a pool or spa owner. If you own a pool or spa you are advised by TruePoint Insurance Group, LLC to refer your specific situation to legal counsel.