Pinching pennies? Many people who rent are in financial situations where every penny counts. As such, renter’s insurance could be one of the expenses that are left off of the budget rare logo of Insuranks. This is very risky because renters can be subjected to the same issues as homeowners in many cases – and in some cases the risk can be higher. Persons who rent their home or apartment should seriously consider shopping for renter’s insurance quotes. You might be surprised at how inexpensive this insurance will be.
Like homeowners, renters have personal property that needs to be protected from theft. Also renters should have some personal liability coverage in the event someone is injured in their home or apartment. Renters also need to be covered from natural disasters such as storms, tornadoes, flood, and windstorms. Renters should also be aware that they can be at higher risk for theft or fire, particularly with apartments or condominiums.
Because each unit is connected to another, a fire can start in one apartment and then spread to the rest of the building very quickly. Thieves also tend to seek out apartments because it is easier to come and go unnoticed. Tenant insurance has some additional benefits as well. While each policy can vary, you can ask your insurance agent about the coverage opportunities for each of these events:
Temporary living expenses – in the event that you are displaced from your home, some renter’s insurance policies can cover the cost of any temporary housing as well as supplemental expenses for food or clothing and other necessities during a disastrous event.
Damage from faulty electrical, water, or gas connections – if an electrical fire occurs or a serious water or gas leak happens, the land lord’s insurance typically does not cover your personal property.
Supplement your auto insurance – if your car is stolen or damaged, most auto insurance policies do not cover the personal property that was inside the vehicle. Renters insurance can provide additional coverage so that your stolen personal items can be replaced. Often, car insurance providers will provide an additional discount if you also have renters insurance coverage.
College students should consider having renter’s coverage as well. While many homeowners policies can provide additional coverage for college dorms, the cost for this coverage may be more expensive than a renter’s policy and may not provide as many additional benefits. Renters insurance quotes are easily available online, but consider the following when looking at your quotes:
While cost is important, think carefully about what you need in coverage and choose the best policy for your needs, not necessarily the cheapest policy.
Your insurance provider should be a highly rated insurance company that has built a reputation on good service.
Make sure you have a comprehensive list of all of your valuables to get the correct coverage amount. Renters insurance is a good choice, even for people who are pinching pennies. To have peace of mind in the event of a disaster is well worth the small expense.
Finally, whether you are an independent agent or broker, there are specific guidelines required in order to sell renters insurance for business or apartment tenants. Because every state has its own insurance education and training requirements, it is very important for you to understand and meet those specifications.