5 Reasons Why You Should Get Renter's Insurance

Insurance policies are always great tools to help you ensure protection over your assets. While many renters and homeowners know this, only a small percentage (37%) of people who rent have renter's insurance compared to the vast majority (95%) of homeowners who secure a home insurance coverage. Why is it that the number of renters who have insurance protection is significantly smaller than those who have homeowner's insurance? It is probably because many incorrectly assume that damages and losses involving their belongings are already covered by their landlord's or property owners' insurance. It is also not uncommon for people to underestimate the value of the things that they own. Whether or not you think you need a renter's insurance, considering one is a must, and here are good reasons why:

The cost of your belongings can add up. One of the most significant provisions of a renter's insurance policy is protection against damage and losses to your personal property. This includes your clothing, jewelry, furniture, electronics, computers, etc. even if you think that you don't own much, replacing all of these small things at once (in the event of theft, fire, or water damage) can cause significant strain on your finances. Surveys show that the average renter owns as much as $20,000 to $38,000-worth of personal belongings—amounts that are worth protecting in case of damage or loss.

Renter's insurance is affordable. Actual costs may depend on your location, the kind and extent of coverage you choose, extra coverage you want/need, and the kind of deductible you pick. Discounts are also widely available if you combine different types of policies, depending on the provider.

It offers liability coverage. Most, if not all renter's insurance policies offer at least 1M dollars-worth of liability coverage, including medical-payment coverage. This provides protection in case someone is injured while in your home or should you accidentally injure someone in the premises and even when you're away from home. This pays for your court settlements as well as your legal expenses.

It provides coverage even when you travel. Renter's insurance covers your personal properties in your home, your car, or while you travel. This means your things are covered for damage, loss, or theft, anywhere you travel.

It may help defray costs of your additional living expenses. In addition to protecting you from a catastrophic loss of your personal properties, a renter's insurance may also help cover your additional living expenses should you need to live someplace else temporarily, including your rent, food, and other needs.

About the Author:

Chester Corpuz is the Owner of Las Vegas Auto Insurance. He has been in the insurance and finance industry for over ten years. Chester has a Degree in Finance from the University of Nevada Las Vegas. His ambition is to teach people how to save money by helping people understand issues in finance and insurance.

DISCLAIMER: Nothing contained in this article is intended as insurance advice nor does one relying upon that which is contained herein create a client relationship with the author or his affiliates. Please contact a licensed insurance agent before taking any action on this advice.

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Thank you for visiting Las Vegas Auto Insurance. The information contained herein presents general information about our agency and is not intended to constitute legal advice. Also, before acting on any of the materials presented here, we advise you to please speak to a licensed insurance agent before taking any action.

Chester Corpuz is the Owner of Las Vegas Auto Insurance. He has been in the insurance and finance industry for over 10 years. Chester has a Degree in Finance from the University of Nevada Las Vegas.