Shocking Truth About Renters Insurance
Not many people think about renters insurance.
They simply aren't aware of its importance! Renters insurance is like homeowners insurance.
It covers your contents (personal property), jewelry, and personal liability.
The only difference between a renters and homeowners policy is renters insurance does not cover structures.
For example, if you rent a home, condo, or an apartment, and the structure burns to the ground, you can only claim contents and jewelry.
The reason being is you do not own the home, condo, or an apartment.
The dwelling owner should provide structural coverage for their property.
Personal liability coverage protects you in case of a lawsuit.
If someone slips or falls on your wet floor, they can sue you for damages.
If not insured, the law may permit the suing party to garnish your wages.
Each state is different.
Please check.
A couple scenarios you may want to think about.
Say you're on vacation in Hawaii and you bring four suit cases full of swimwear.
Hey, you're in Hawaii! The first day you walk around to check out beautiful sights.
Now you decide its time to swim.
When you arrive in your hotel room to slip into your swimwear, you discover your suitcases have been stolen! Who do you call? Well, if you have renters insurance you can call your agent! Even though the swimwear was off premises (away from home), ALL of your personal property is covered! The second scenario you may want to pay close attention to.
You drive to Walmart and want to do some shopping.
You buy your items and head to the parking lot.
You load your vehicle with a new plasma television set, cloths for the kids, CDs for yourself, and some groceries.
You discover the clerk overcharged some items and head back into the store.
When walking back to the parking lot you discover your car has been STOLEN! You panic and call your insurance agent.
The agent advises your vehicle is covered by your auto policy and not to worry.
Then you ask about personal contents inside the vehicle worth about $2000.
Then you'll hear SHOCKING news from your agent, personal contents are not covered in your auto policy, only the vehicle! You ask how can I recover the 2 grand? If a renter's insurance policy is not in place, you cannot make a claim for your personal contents.
Auto and renters are separate coverage's.
One is for the auto (everything attached to it) and the other is for personal property (everything you bought from Walmart)! Remember, cars are stolen EVERYDAY in America! Don't overlook this important coverage! Unfortunately, many people don't consider renters insurance important.
After all I live in an apartment and have very few contents.
But to the contrary, few contents can add up to a lot of money! Start adding up your contents! How much is your television set worth? How about your disco cloths (just kidding)? Shoes? CDs? Blue Ray? The average person owns $10,000 in personal property.
I always hear arguments of: I had the television set a long time, or bought and paid for my cloths a year ago so they're not worth much.
It's not about the worth, but how much are you going to spend to replace your items TODAY? You'll have to determine that!
They simply aren't aware of its importance! Renters insurance is like homeowners insurance.
It covers your contents (personal property), jewelry, and personal liability.
The only difference between a renters and homeowners policy is renters insurance does not cover structures.
For example, if you rent a home, condo, or an apartment, and the structure burns to the ground, you can only claim contents and jewelry.
The reason being is you do not own the home, condo, or an apartment.
The dwelling owner should provide structural coverage for their property.
Personal liability coverage protects you in case of a lawsuit.
If someone slips or falls on your wet floor, they can sue you for damages.
If not insured, the law may permit the suing party to garnish your wages.
Each state is different.
Please check.
A couple scenarios you may want to think about.
Say you're on vacation in Hawaii and you bring four suit cases full of swimwear.
Hey, you're in Hawaii! The first day you walk around to check out beautiful sights.
Now you decide its time to swim.
When you arrive in your hotel room to slip into your swimwear, you discover your suitcases have been stolen! Who do you call? Well, if you have renters insurance you can call your agent! Even though the swimwear was off premises (away from home), ALL of your personal property is covered! The second scenario you may want to pay close attention to.
You drive to Walmart and want to do some shopping.
You buy your items and head to the parking lot.
You load your vehicle with a new plasma television set, cloths for the kids, CDs for yourself, and some groceries.
You discover the clerk overcharged some items and head back into the store.
When walking back to the parking lot you discover your car has been STOLEN! You panic and call your insurance agent.
The agent advises your vehicle is covered by your auto policy and not to worry.
Then you ask about personal contents inside the vehicle worth about $2000.
Then you'll hear SHOCKING news from your agent, personal contents are not covered in your auto policy, only the vehicle! You ask how can I recover the 2 grand? If a renter's insurance policy is not in place, you cannot make a claim for your personal contents.
Auto and renters are separate coverage's.
One is for the auto (everything attached to it) and the other is for personal property (everything you bought from Walmart)! Remember, cars are stolen EVERYDAY in America! Don't overlook this important coverage! Unfortunately, many people don't consider renters insurance important.
After all I live in an apartment and have very few contents.
But to the contrary, few contents can add up to a lot of money! Start adding up your contents! How much is your television set worth? How about your disco cloths (just kidding)? Shoes? CDs? Blue Ray? The average person owns $10,000 in personal property.
I always hear arguments of: I had the television set a long time, or bought and paid for my cloths a year ago so they're not worth much.
It's not about the worth, but how much are you going to spend to replace your items TODAY? You'll have to determine that!