Summit Insurance Advisors
by on Jan 31, 2018
Protect Your Personal Property with Renters Insurance
You might not think twice about leaving your personal possessions lying around your apartment or rental property all day long, but you never know when a fire, flood, or a burglar might ruin your day.
Most renters simply opt out when it comes to protecting their personal possessions with renters insurance. After all, you might think that if something happens to your stuff, your landlord will be held financially responsible. But that’s not usually the case. The only way to fully insure your personal belongings is to sign up for renters insurance. Learn more about why every tenant should have a policy.
Protecting What’s Yours
When you’re living in a building or a house with lots of other people, there’s always a chance that something will go awry. Someone in your apartment or another unit could leave the stove on or forget to unplug their curling iron. A busted pipe could drench your personal possessions, ruining expensive items like your computer, television, and other pricey electronics. If your possessions are damaged or destroyed due to such an event, your landlord will not be held responsible, unless they were negligent and refused to fix an issue that you repeatedly brought to their attention.
Tracking Down Your Money
If one of your roommates or another tenant in the building makes a mistake, such as causing a fire with their toaster oven, they might be legally responsible for any damage that’s caused as a result, but it will be your responsibility to get what’s owed to you. Unless you have the money for a lawyer, tracking down your money is often easier said than done. But with renters insurance, all you have to do is file a claim with the insurance company and they will take care of the rest.
With renters insurance, you can protect all your personal possessions for a low monthly fee. Add up the total value of your possessions to get an idea of how much personal property coverage you’ll need. Instead of calculating how much you spent on these items, the cost should be based on how much money you’ll need to replace those items if you were to purchase them tomorrow. Most policies will offer a personal property coverage minimum of $30,000. That means if something goes wrong, the insurance company will cover the damage up to $30,000. Most policies with the minimum personal property coverage will cost you as little as a few hundred dollars a year.
Give yourself some peace of mind and sign up for renter insurance today! You can find dozens of affordable policies for all types of living situations at Summit Insurance Advisors. Contact us today for more information.
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