This is the second article in a series about home heating and cooling systems. The first article described the many variations of heating/cooling systems typically found in residential application....
Do you rent?
Yes, you need insurance
Nearly 81 million Americans rent a home. According to a recent survey conducted by the Independent Insurance Agents and Brokers of America (IIABA), more than 64% of them do not carry renters insurance.
The reason most renters give for not purchasing coverage is concern about the high cost. Others believe their landlord’s policy covers them. Some feel it would be cheaper just to replace what’s in their apartment if necessary, rather than paying an insurance premium every month.
Before you pass on renters insurance, consider these things:
- Coverage is low-cost – The average price of a renter’s policy in the U.S. is just $12 a month, says IIABA. You may be able to drive the price down even more by receiving a discount if you insure your auto with the same company.
- Don’t bet on your landlord’s coverage – A landlord’s insurance usually covers only the building, not the property of the renters who live in it. If your things are stolen or destroyed by a fire, you’ll likely have to pay to replace them on your own.
- Most renters have an average of $20,000 worth of possessions – Your possessions probably cost a lot more than you think. Walk around your apartment and add up the cost of your computer, your small appliances (and big appliances if not provided by the landlord), your television, furniture, and everything in your closets and kitchen cabinets. Would you have the cash on hand tomorrow to replace all of that if your apartment was destroyed by a fire? Create a Home Inventory to help you determine how much your possessions might be worth.
- Renters insurance covers more than just possessions – Most renter’s policies include up to $100,000 in liability coverage. This means you’re covered if you are held responsible for injuring another person or damaging their property…including your landlord’s.
Consider enhancing your renters insurance with the Home Advantage Tenants Endorsement
If the property being covered is at your primary residence, this additional coverage can be added to your renter’s policy. You’ll receive greater protection with increased coverage limits and get additional coverage not provided in the basic renter’s policy such as:
- Broadened coverage for your personal property
- Water backup and sump discharge or overflow
- Refrigerated property
- Personal injury coverage, which protects you against charges including libel, slander, invasion of privacy, and wrongful eviction or entry
For more information on renters insurance in PA & MD, contact an independent insurance agent. Let Mutual Benefit Group help you protect your most valuable possessions.
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