The Five Top Reasons You Must Have Renters Insurance

Like many Americans, you may find ever-increasing rents to be daunting, and in order to save money, you may consider opting to skip purchasing renters insurance coverage for your belongings. But, how will you protect yourself and your possessions in the event of a fire, theft, or another disaster? 

Here are five good reasons why you absolutely need insurance coverage for your Buena Vista, VA rental. 

Protection for Your Personal Property 

Many renters mistakenly believe that their rental home, apartment, or condo is covered by their landlord’s property insurance. However, according to recent insurance surveys, 68 percent of renters between the ages of 23 to 35 would have to pay an estimated $5,000 in order to replace their possessions after a fire, break-in, or other unfortunate events. Can you afford to cover that out of pocket? 

What Does Renters Insurance Cover? 

A standard renters insurance policy will provide protection for your personal belongings against listed perils such as theft, fire, and vandalism. If you have a taste for antique furniture, art, advanced electronics, jewelry, or collectibles, you should talk to your Stonewall Grace Insurance agent about additional insurance to protect your high-end valuables.  

Additional Coverage Away from Home 

There may be other benefits included in your coverage. Depending on your policy, you may be covered in the event of a loss that occurs off-premises. For example, if you’re at a coffee shop and someone steals your expensive laptop and high-definition headphones, you may be able to file a claim for the stolen items. Some policies will also cover belongings kept in a storage facility. 

Liability Protection 

If your dog bites your neighbor, or a friend slips and falls off your porch, you may be held liable in a lawsuit. If a court finds you liable, your rental insurance policy will cover the cost of medical payouts, as well as replacement costs for damage or loss to other parties that occur at your rental property. 

Affordable Loss and Liability Protection 

The majority of basic rental insurance is often less than the cost of a pair of movie tickets each month. You may also find potential savings if you: 

  • Have a security system in place 
  • Have fire-protection devices 
  • Belong to a special interest group such as an alumni association or labor union 
  • Have an existing auto insurance policy 
  • Have special statuses such as senior citizen, military, or college student 
  • Maintain a claim-free policy for a specific period of time 

Greater Rental Opportunity Options 

Investing in renters’ insurance may expand your rental options, as more and more landlords are requiring that their tenants carry renters’ insurance. By shopping in advance for a renters insurance policy, you’ll have more rental choices. 

For more information about how renters insurance protects you and your property, call the Buena Vista, VA insurance experts at Stonewall Grace Insurance today.