Clients often think they don’t need renters insurance — “Nothing I have is worth that much,” they’ll say, or “I don’t have a lot of stuff.” That’s how most people think of renter’s coverage: protection for stuff, and nothing more. Well, when you consider how cheap tenant insurance is, it makes it a no brainer to purchase. So how important can it be, especially if you don’t think you have anything valuable to protect?
Plenty important, because you have more to protect than you realize. You just have to stop thinking only about “stuff.” Here are three key financial protections a renters policy provides:
Loss of use coverage. What would you do if a fire or other issue forced you out of your home? You’d have to find a temporary place to stay, maybe even for months — which might cost you more than your normal rent. Loss of use helps cover that and other additional expenses.
Personal liability protection. If someone trips and injures themselves in your unit, they could sue you. If your dog bites one of your guests, they might file suit, too. Yes, lawsuits happen — even among friends. Renters insurance can help cover legal expenses and even judgments against you. (Some dog breeds may disqualify you from coverage, so be sure to inform your agent of all dogs in the household.)
Personal property coverage. Wait, doesn’t this mean your stuff? Well, yes. But really, this coverage protects your finances. Even if you don’t think you have anything valuable, take a minute and mentally add up everything you own (note that if you do have any high-value items, such as jewelry or heirlooms, you may need additional coverage). Now imagine how much it would cost to replace it all. It’s probably a higher number than you thought — and that’s why renters insurance is so important.
At Don Williams and Associates we have access to a wide range of insurance carriers that offer cheap tenant insurance.
Give us a call today at 408-402-3646 or fill out this form and one of our insurance experts will be able to assist you!