1. It is Cheap. Of course, premiums will vary from person to person depending on different factors. However, some insureds are able to get a renters policy for less than $20/month. Trading one night out at a restaurant can mean covering all the personal belongings in your apartment against theft and other hazards.
2. A Policy May Cover Hotel Costs. Everyone thinks it will never happen to them, but fires and floods do happen. In such a case, a renters policy will not only cover your personal property, but may also pay for a hotel if you are displaced for a covered loss. Such coverage alleviates a mountain of stress and allows an insured to somewhat carry on their routine.
3. It Could Cover Food Expenses. Expanding on number two, a renters policy endorsement pays for spoiled food in the case of a covered loss.
4. Liability, Liability, Liability. Hypothetically, if an insured left their bathtub running, flooding their apartment and ensuing water damage to the apartment below. The insured's policy covers the tenant below's property.
5. Your Roommate's Policy Does Not Cover Your Property. We cannot stress this enough. You must have your own policy to cover that brand new 60 inch flat screen television.
6. Medical Coverage. Some medical coverage may be available if a guest slips and injures themselves inside a renter's apartment. Trips to the emergency room are not cheap, so this is very helpful.
We can think of many other reasons a renter's policy is important, but these are just a few. For a quote, stop by the office, or fill out our online form.