Many people are renting in 2023. Regardless of why you or someone you know is renting, they should consider asking about renters insurance as part of the personal insurance portfolio. Typically no more than a minimal cost, a renters insurance policy will cover you in the instance of really unexpected and inconvenient events.
The Unexpected
Such events include fires but also instances of property damage and more. Without coverage, you would essentially be on your own if anything happened. This would include replacing everything you own. You could also be at risk for a costly lawsuit as a result of damages.
Consider the following 5 things to consider when researching renters insurance:
Off-Premises Coverage
Whether you’re there or not, you’re covered. Imagine your bicycle is stolen from the local bike rack or your laptop is stolen from your car, renters insurance can often cover your belongings wherever you go.
Relocation Compensation
If the home becomes uninhabitable due to vandalism, theft, fire, or water damage from home utilities, you can be compensated for living expenses up to your policy’s limits. This is typically somewhere between 30-50% of your insured personal property.
Make a Home Inventory List
Create an itemized list of how much it would cost to replace your possessions by making a home inventory. Check with us, your trusted insurance representative, to make sure expenses are fully covered in the event of the unexpected.
Reduce Costs
There are a variety of ways to reduce the cost of renters insurance such as selecting a higher deductible (the amount a person pays before coverage takes effect). For example, increasing the deductible from $250 to $500 could create savings of 15% or more.
“Bundle + Save”
It’s no myth; Bundling your policies from one carrier often results in savings. Working with the J.M. Whitney INsurance and Co. team will help you shop for all necessary policies in the easiest and most efficient way.
