renters

Downsizing? Why You Should Consider Renters Insurance

Posted on by AgentInsure

More and more people in Buena Vista. VA, are considering downsizing. Some are empty nesters, while others are retirees. There are also those looking to downsize to lower maintenance and other costs. If you’re considering making a lifestyle change and downsizing, renters insurance should be on your agenda. Stonewall Grace Insurance can help. 

Who Should Consider Renters Insurance?

Renters insurance is designed to help those who do not own their residence protect their personal belongings while providing a layer of protection against injury liability claims. Renters insurance is for renters of freestanding homes, townhomes, apartments, or even mobile or modular homes. 

What Does It Cover?

Renters insurance covers personal belongings in the rental property. These can include furniture, clothing, home decor, kitchenware, bedding, and more. 

The liability coverage included in a renters insurance policy can provide protection if a visitor, family member, or even a delivery person becomes injured on the rental property.

In addition, typical renters insurance policies cover your personal property when you’re traveling for work or recreation. 

What Does It Not Cover?

A renters insurance policy is not designed to cover the structure or outbuildings on a rental property. Protecting the structure is the responsibility of the property owner. 

Because of this important distinction, renters insurance is generally significantly less expensive than homeowners insurance. This helps with your budget when downsizing. 

Have Questions? Contact Us

If downsizing is likely in your near future, and you live in the Buena Vista, VA, area, contact us at Stonewall Grace Insurance. We can answer your questions, provide a quote, and even show you the benefits of bundling your personal insurance policies. 

Why do Landlords Insist That I Get Renters Insurance?

Posted on by AgentInsure

If you’re renting an apartment or home and your landlord has mandated renters’ insurance, you might question the necessity. After all, isn’t it their property? While that’s true, their coverage differs significantly from the protection renters’ insurance offers. This requirement is typically about safeguarding both parties, as your agent at Stonewall Grace Insurance, serving Buena Vista, VA, can explain.

Your Landlord’s Insurance Doesn’t Cover Your Belongings

While your landlord likely has a policy on the building itself, that coverage doesn’t extend to your personal belongings. If a fire damages your furniture or a pipe bursts and ruins your electronics, the property owner’s insurance won’t compensate for your losses. Renters’ insurance comes into play to protect your possessions from incidents like fire, theft, or water damage originating within the unit.

Liability Coverage is Included

Renters’ insurance also encompasses liability protection. This means if a visitor gets injured in your home and decides to sue, your policy could help cover legal expenses or medical bills. Landlords appreciate when their tenants have this coverage as it reduces the likelihood of claims being made against them.

It Simplifies the Claims Process

If your unit or belongings suffer damage, having your own insurance streamlines the claims process. You deal with your provider instead of requesting the landlord to cover costs they’re not liable for. This can help prevent misunderstandings or strained relationships following unexpected incidents.

Renters’ insurance through your agent at Stonewall Grace Insurance, serving Buena Vista, VA, provides a safety net for a relatively small monthly cost. From the landlord’s perspective, it also means fewer disputes and less financial risk. That’s why it’s often included in the lease—and why it’s beneficial to have, even if it’s not explicitly required.