Renting is a popular housing option for many reasons. The decline in the economy has made it difficult for some to afford mortgage payments or to get approved for a loan. Some people rent because their time in a place is temporary, and they want to take advantage of a short-term lease.
Frequently people don’t like to have to be responsible for the maintenance or yard work on a property, and so they rent a condo, townhouse or apartment to keep their responsibilities to a minimum.
Sometimes renting is the only option when moving to an area, especially when looking for a place in a big city.
Regardless of your reason for renting, there are some important things to know about renters insurance.
• Renters insurance is fairly inexpensive compared to homeowners insurance. The cost of renters insurance is usually dependent on the size of the unit and the value of your belongings. While you may not pay much monthly for renters insurance, if your valuables get destroyed you will be thankful you had the insurance. Renters insurance is well worth the monthly payment.
• You may not think your belongings are worth all that much, but it would cost a lot to replace everything. Think about how much it would cost to replace the clothes in your closet alone. It would cost much more to also replace your electronics and other valuable items.
• Your landlord’s insurance only covers the physical structure you live in. Renters insurance will cover your valuables and belongings when an accident such as a fire occurs. Don’t depend on your landlord’s insurance to cover your personal belongings (including your furniture, your appliances, and your clothing). Make sure you take responsibility for your own things.
• Renters insurance doesn’t just cover your belongings. Renters insurance offers liability coverage in the event that someone gets hurt on your property. If someone trips, falls, and needs to go to the hospital, renters insurance will typically protect you and can cover their medical expenses. Renters insurance may also cover damage such as if your bathtub overflowed and leaked water into the apartment downstairs.
• Rental property is more likely to be burglarized than owned property. A study done by the Bureau of Justice Statistics showed that almost twice as many rental properties were burglarized than owned homes. Insuring your belongings in a rental home is just as important as insuring a home you own.
• Rental insurance will cover additional living expenses if you aren’t able to live in your residence because of a covered accident. The insurance will cover the difference between what you were paying for rent, and what you now have to pay to temporarily live elsewhere.
• In the unlikely event that you will become involved in a lawsuit regarding the rental property, renters insurance may help protect you. While these situations are rare, they are also usually unpredictable, so having the protection of renters insurance is invaluable.
Renters insurance is an important but affordable policy to have. You are not losing a lot of money by having a policy, but you will gain the protection and help it offers in an emergency. Make the choice to have renters insurance, and reap the peace of mind you get from making a responsible decision.
Contact a Nicholas Agency representative today to learn more about the different renters insurance policies available for you.
The Nicholas Insurance Agency, led by Greg Nicholas, is a family owned business serving the York county, Pennsylvania region. In the insurance business since 1981, Greg Nicholas helps families, businesses and individuals understand the value of different insurance products and make wise decisions when selecting the best insurance products for their specific situations.
Offering exclusively Allstate insurance products, the Nicholas Agency provides auto, homeowners, rental and landlord insurance as well as life & disability, recreational vehicle, motorcycle and personal liability insurance.
For more information, visit our two York, PA locations at Westgate Plaza or York Marketplace or call us at (717) 764-2024.
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