Five Reasons to Get Renters Insurance

UNO Insurance Agency in Phoenix, Arizona wants to help local customers understand renter’s insurance policies. Many people forgo adding renters insurance when they lease an apartment or home. There are many reasons why people do or do not get renters insurance. Our staff are here to help you see the benefits of having a policy.

Reason 1: Renters Insurance is Very Affordable Protection

Many insurance companies offer affordable rates for renters insurance. In fact, most pay only $130-$180 per year to get extra piece of mind and protection for their personal belongings. Your rate will depend on how much insurance you buy. If you have a low deductible or lots of coverage, then your bill will be higher. The policy cost may be impacted by where you live, as well. However, paying a little extra for renters insurance may be worth it. Imagine the cost of having to replace your wardrobe, furniture, electronics, or jewelry if you have an accident or experience theft.

Reason 2: Your Landlord’s Insurance May not Cover Your Personal Belongings

Many people do not buy renters insurance because they falsely believe the property owner will have to pay to replace their personal items if a pipe bursts. However, owners usually only have insurance that covers the cost of the damage to the building itself. You do not want to underestimate the cost of replacing all your belongings. In fact, some estimate that the average renter owns $10,000-$20,000 worth of personal items. Some property owners even require tenants to have renters insurance.

Renter’s insurance policies also cover a wide array of issues. Some of the issues covered include damages from airplanes or auto crashes, explosions, fire or smoke, theft, vandalism, or damages from snow or hail. Many policies will not cover earthquake or flood damage, however.

Reason 3: Renters Insurance May Cover More than you Think

Many insurance companies offer renters insurance that covers your personal items during travel. When you buy a policy, you should ask what additional coverage is offered. In addition, coverage can extend to personal items stolen from your car or external storage.

Reason 4: Renters Insurance May Also Help Pay if someone is injured

Renter’s insurance policies also offer liability coverage. This means you will have coverage if someone suffers an injury at your home. Most policies also cover legal expenses and court fees. You can ask to buy plans that will help pay expensive medical bills.

Reason 5: Renters Insurance Covers Additional Living Expenses

If an accident or disaster displaces you from your home for an extended period, renters insurance may help pay for additional living expenses such as hotels. Sometimes the property owner’s policy will pay for this cost; however, it may be for a limited time only.

UNO Insurance in Phoenix, AZ is here to help with your renters’ insurance needs. Contact our helpful staff today for further details!