When you are renting, there are many advantages– especially if you aren’t ready to own your own place just yet. Renting means that you are not going to be responsible if there is a plumbing problem, if the furnace stops working or if you need a new water heater. There is a bit of freedom with renting that many people are drawn to, including the fact that you do not need to pay for property insurance. If you are currently renting a place, you might even be thinking of skipping out on renters insurance. As insurance professionals, we encourage you to think again!
Renters insurance, as many renters think about it, is to protect you in case your belongings are damaged, stolen, destroyed, etc. While renters insurance can certainly do that, it does more than replace your belongings in the event of a disaster. Renters insurance can also act similar to a homeowners insurance policy in that it can be used to protect you against liability. If someone were to be injured on your property and need medical attention, for example, you could be liable for their injuries. Renters insurance can ensure that you are not footing the bill for hospital visits or care.
In addition to liability concerns, renters insurance protects you as well. If you were to have something happen that damages the property, such as a flood or kitchen fire, your renters insurance may help cover additional living costs that you will incur from staying and eating elsewhere.
At All American Insurance Brokerage, our team of experts would love to help ensure that you have the right renters insurance. For more information about this useful form of insurance protection, please give us a call today.