For better or worse, renters in our small community aren’t required to buy Renter’s Insurance. At Panzer Insurance, our agents can’t stress enough the importance of having a Renter’s Insurance policy in place.
The number one reason we hear when we talk to clients is that it’s too expensive. On average, a Renter’s Insurance policy that provides $25,000 coverage for your contents may be as low as $14/month! Imagine if you went away for the weekend and robbers broke in and stole everything, or that neighbor in 2B who always smokes inside burns the entire apartment complex down, including yours. You would file a claim on your Renter’s Insurance policy and could receive a payment of $25,000 for your property. You would have to pay renters insurance premiums for the next 148 years to equal the amount of that one claim. When you look at it like this, that extra $14 a month doesn’t seem so bad! Also, oftentimes you can save money on your auto insurance if you bundle it together with the same company.
You may not think you have enough property to insure. Carriers understand this and have different coverage limits. Some carriers will go as low as $10,000. But, protecting your stuff is not the only reason to have renters insurance. What if a guest gets injured while visiting your home? What if your dog is so happy to have a visitor that they get twisted up in their legs and trip them, or worse, decide to bite them? What if your child is playing baseball and accidentally throws the bat and it hits someone in the head? Do you have a few thousand dollars lying around to cover the injured party’s medical expenses or defend yourself in a lawsuit? Renter’s Insurance not only covers your personal property, it also protects your financial future.
Maybe you’re a responsible person, but what about your neighbor? You may think if your neighbor damages your stuff, that he or she should be responsible. We agree, but the numbers are working against you. Only 37% - 40% of tenants have their own Renter’s Insurance policy. This means if your neighbor does cause a loss that impacts you, such as fire or water (these are two of the most common Renter’s claims) its likely that they may not have their own Renter’s Insurance policy to pay for your damages.
Another coverage that is often overlooked is the Additional Living Expense coverage. While your home or apartment is getting repaired following a covered loss, the Additional Living Expense coverage will pay for you to stay in an alternative place, as well as reimburse you for certain additional expenses that were caused by your loss.
Ultimately, Renter’s Insurance is an incredible value that can provide you with protection and with piece of mind, and can be tailored to fit your individual needs.