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Why Everyone Should Purchase Renter’s Insurance

While insurance can seem like an additional expense, it’s something more people should have. We are saddened when we talk to people who say they opted out when it came to Renter’s Insurance for the simple fact that they didn’t feel they had to have it.

renter insurance

It gets very easy to get caught in the trap of “Oh, this is going to cost me more each month and I cannot afford it. I can barely keep up with my bills” or “I’ve never needed insurance before, so I don’t think anything is going to happen.”

We are very sorry to say this but it’s usually the people with that kind of mentality who end up in a situation where their home flooded, burned, or was robbed. Yes, these things may not ever happen but you cannot be 100%. If we had a crystal ball and could predict the future, then we would be able to only purchase the insurance right before an accident but sadly that is not the case.

Protect What You’ve Worked so Hard to Get

Have you ever taken a moment to think about just how much money has gone into all the things you own? When you start to truly break it down; you may be surprised and most people never think about this because they have taken years upon years to get what they currently have in their homes.

Plus, once you have something; you get so used to it that you don’t really think about what you would do if you ever were to lose everything. It’s interesting just how quickly the money adds up.

What would you do if you were to have everything within your home stolen? A lot of people don’t exactly have the kind of cash needed to buy everything again and without insurance; this is exactly what you would have to do.

This is the last thing you need to do and honestly, simply having renter’s insurance is going to help you sleep better at night. What would feel better than knowing no matter what happens, you are safe?

Protect Your Hard-Earned Money

You work very hard for your money and when you have insurance, you are allowing yourself the luxury of not needing to spend large amounts of money to pay for potential home damages or stolen items. The last thing out want to have to do is dip into that savings account you have been working so hard on keeping untouched.

Keep Your Personal Information Safe

You have probably heard about identity theft and how long it can take to reverse as well as how much money it can end up costing you if you aren’t protected. With renter’s insurance, a lot of the time you are going to be covered from these types of things so even if someone goes into your home and steals all of your family’s social security cards, you are going to be able to rest assured that someone is working for you to get your life back on track.

Should You Insure All of Your Personal Belongings When You Are Renting?

If you are renting a home or a flat, then you may not be required to obtain home insurance because you do not own the building, but many landlords are requiring their tenants to obtain contents insurance. Your landlord may already have contents insurance. The cost of the insurance may be included in your monthly rent payments.

Ask your landlord if they are providing content insurance before you agree to rent a place. If they are supplying it, then you need to make sure that your things are covered. You never know when an accident is going to happen, and finding out that you don’t have insurance after an accident has already happened is never a good thing.

Can You Purchase Just Contents Insurance?

Many insurance companies will be more than happy to provide you with an insurance policy that covers just the contents of your rental unit. You don’t have to be a homeowner to take advantage of this type of coverage. If you want all of your personal things protected, then this is the best way to get it done.

How Much Contents Insurance Should You Get?

This is a very good question, and the answer really depends on how much stuff you want to have insured. This decision is really up to you, and everyone usually chooses a different amount of coverage.  You can get as much, or as little coverage as you want. If you only have a few items that you want to be covered by the insurance, then you can do that. The insurance company will be more than happy to create a customized insurance policy just for you.

Talk To Your Landlord Before You Choose a Policy

Your landlord may be able to get a much lower rate than you. If your landlord owns more than one property, then they may already be getting a discounted rate from their insurance company. A landlord can also save on insurance costs by getting Buildings and contents insurance. Most insurance companies will offer steep discounts for purchasing both types of insurance together. Sit down and have a chat with your landlord about insurance. They may even be willing to pay for some or all of the insurance. Either way, you win, especially if the landlord can get a lower rate.

Shop Around

Not every insurance company offers the same service or price. You may have a better chance of finding lower prices with an insurance comparison website. These websites are perfect for saving time. Just fill out one simple form and click a button to start getting price quotes from several companies.

Once the price quotes start rolling in, you can start doing some comparison shopping, but just remember this. The lowest price might not always be the best option. You want an insurance company that offers reliable service, stands by their policies, and is affordable.

Don’t wait until it is too late to find out that you don’t have the proper insurance that you need to protect all of your personal belongings.

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