More than one-third of American households rent their home. However, only 41% of renters have renter’s insurance. Many people incorrectly think they don’t need it because they are covered under their landlord’s policy.
If you lease your home or apartment, here are some important reasons to make sure you have renter’s insurance.
- Your Landlord May Require It
While your landlord’s insurance policy covers the building, structure and grounds, it does not cover your belongings. More and more landlords are requiring that their tenants purchase their own renter’s insurance and provide proof of coverage.
- It Provides Liability Coverage
Not only does renter’s insurance cover your belongings such as clothes, jewelry, furniture and electronics, it provides protection for you if someone is injured in your home, or if you accidently injure someone while they’re in your home. Policies won’t, however, cover losses caused by intentional acts or your own negligence.
- It’s More Affordable Than You May Think
According to the National Association of Insurance Commissioners the cost of an average renter’s insurance policy in 2022 is $15 to $30 a month. Your actual cost will vary depending on how much coverage you decide you need, the type of coverage you choose, the amount of your deductible, and where you live.
Call us today for more information regarding renter’s insurance. 678-883-2860