The Benefits of Renters Insurance
Renters insurance is an important investment for anyone who rents their home. It provides coverage for personal property, liability, and can even be required by some landlords. Despite the many benefits of renters insurance, many people still choose not to purchase it. By considering the statistics outlined in this blog post, renters can make an informed decision about whether renters insurance is right for them.
What is Renters Insurance and Why is it Important?
Renters insurance is a type of insurance policy that provides coverage for personal property and liability for those who rent their homes. Although it is not required by law, it is highly recommended for renters to protect their assets and finances in case of unforeseen events such as theft, fire, or water damage.
Personal Property Losses: Protecting Your Belongings with Renters Insurance
According to a study conducted by the Insurance Information Institute (III), only 37% of renters in the United States have renters insurance, which means that the majority of renters are leaving their personal property and liability at risk. This is concerning, considering that the average person owns around $20,000 worth of personal property, according to a survey conducted by Allstate.
Another study conducted by the National Multifamily Housing Council found that 95% of renters believe that insurance is important, yet only 37% actually have coverage. The main reasons cited for not having renters insurance were perceived high cost and lack of knowledge about the coverage.
However, renters insurance is actually very affordable, with an average cost of around $15 to $20 per month, according to the III. This is a small price to pay for the peace of mind that comes with knowing that your personal property and liability are protected.
“It’s typically cheap to purchase renters insurance at 10-20 bucks a month. Plus, if you bundle your auto together with it, you save on the auto policy. If you have a higher premium on auto the discount alone could pay for the annual premium on the renters.”
-Basin Pacific personal lines expert, Robin Moore
Liability Claims: Why You Need Renters Insurance to Protect Yourself
In addition to protecting personal property, renters insurance also provides liability coverage in case someone is injured on your property or if you accidentally cause damage to someone else’s property. This coverage can help cover legal fees and medical expenses if necessary.
Additional Living Expenses: How Renters Insurance Can Help You When You Need it Most
It is also important to note that renters insurance does not only cover events that occur inside the rental unit. It can also cover personal property that is damaged or stolen outside of the unit, such as a laptop stolen from a coffee shop or a bicycle stolen from a bike rack.
Conclusion: Why Renters Insurance is a Smart Investment for Your Peace of Mind
In conclusion, renters insurance is a valuable investment for renters to protect their personal property and liability. Despite its importance, many renters are still not covered due to misconceptions about the cost and coverage. With an affordable monthly cost and the potential to save thousands in the event of a loss, renters insurance is a smart and responsible choice for any renter.
Should you have any questions regarding your current coverage or want further information on renters insurance offered by Basin Pacific Insurance, click here, or contact us at (509) 765-4785.
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