3 Reasons Renters Should Always Have Insurance

Renters insurance is a type of insurance policy that covers the contents of a rented house or apartment.  One of the most common misconceptions among renters is that if there is a disaster, such as a fire, that destroys their belongings, the landlord’s insurance will cover the cost of replacement. The truth is if there is any type of damages to your belongings while renting a house or apartment in Longwood, FL, you are responsible for the cost of replacement.

Landlords Insurance vs. Renters Insurance

While it’s true that the landlord is (should be) insured, their policy only covers the structure itself. They are responsible for protecting damages or loss that is caused by the building. For example, if there is a fire, the landlords Express insurance policy will cover the damages to the building itself; it will not cover any contents that do not belong to the landlord. It is the responsibility of the tenant to cover the damages and replacement costs for their personal belongings.

Renters Insurance is Inexpensive

One of the most common reasons why many renters do not consider buying renters insurance is because they think it is expensive and they aren’t aware of how expensive it would be to replace their belongings in the case of a disaster. The good news, renters insurance is generally inexpensive and the policy typically protects against damages caused by tornados, fire and smoke, theft or burglary and even thunderstorms. Some policies may also cover medical and/or legal expenses should someone get injured inside of your apartment.

Your Property is Valuable

Many renters underestimate the actual value of their property; they think since they have been using the same furniture or appliances for some time that their belongings aren’t of any value. However, it has been estimated that in general, the average home renter has about $30,000 worth of personal belongings, including furniture and appliances. Without renters insurance, when replacing your damaged belongings, the costs can add up quick.

Renters insurance is available in several different policy options. The ideal way to help determine which bracket of renters insurance applies to you is to do a complete inventory of all of your possessions. This will help to determine an actual or estimated value of the contents of your home. When doing inventory, don’t forget to include items such as clothing. Once you have tallied up the value of all of your stuff, you may be surprised at how much everything you own is actually worth.

Those in living in and around Longwood, FL interested in buying or learning more information about renters insurance should contact Express Insurance.