Do You Need Renters Insurance? 6 Great Reasons Why You Should Get Coverage.

Renting a home can offer relief from financial worries because it’s your landlord who is responsible for maintenance, taxes and many home repairs. But what if your personal items end up damaged in a storm or fire? What would you do if your home was broken into and your valuables were stolen? Without renters insurance, you could end up finding out the hard way.

The good news is that according to a study completed by ORC International for Effective Coverage in March 2015, forty-four percent of Americans now have renters insurance; which means it’s on the rise! While that’s a positive change, it still means that 56% of American renters are living without any coverage.

Renters Insurance Coverage Benefits

If you’re on the fence about renters insurance, remember that it is specifically designed to protect against the risks faced by renters and protect them. It could happen. If you’re a current tenant or prospective tenant, here are 6 great reasons why you should get coverage besides the fact that your landlord probably requires it.

1. IT’S AFFORDABLE:

A recent MoneyTalk article revealed that the average entry policy costs around $12 a month and covers up to $30,000 in damages ($144/year). To put that in perspective, an annual subscription to Netflix costs $100/year. The average cost to replace a renter’s possessions in a total loss (like furniture, electronics, clothes, etc) is $32,500.

2. COVERS LOSSES FROM PERSONAL PROPERTY DAMAGE:

A renters’ insurance policy offers coverage for loss or destruction of your personal belongings from perils including damage caused by aircraft or vehicles, explosion, falling objects, fire, lightning, smoke, ice or hail damage, etc. Losses to renters’ personal property are NOT covered by property owners.

• If a tree falls on your home, your landlord covers structure damages, but without renters insurance, any personal damaged items could be left swaying in the breeze.
• According to a FEMA Fire Report, each year an estimated 106,000 multifamily residential building fires cause $1.3 billion in property loss. 41% of all home fires start in the kitchen. If you’re not covered, you could be burned with the bill for all the damages.

3. PROTECTION FROM THEFT:

Even if you don’t own much, it can quickly add up to a lot more than you realize. Renters insurance covers losses from theft or vandalism to personal property including clothes, jewelry, luggage, computers, furniture, electronics and more.

• 2,000,000 home burglaries are reported each year in the U.S. And renters are just as likely to be the victims of burglaries as homeowners.

4. PROVIDES LIABILITY COVERAGE:

Many renters insurance policies include medical expense coverage when someone injures themselves in your home (like falling down the stairs) relieving you of the liability.

5. OTHER COVERED LOSSES:

Renters insurance often covers your personal belongings when you travel. Be sure to read the fine print.

6. TEMPORARY LIVING EXPENSES:

Additional living expenses required when your home becomes uninhabitable due to a disaster, your policy may cover temporary housing, food and more.

Save With Renters Insurance

Seeing your belongings every day can almost make you forget how much stuff you have (and how much it’s all worth). So, to help renters calculate how much coverage they need, the Insurance Information Institute offers a home inventory tool at https://knowyourstuff.org/. Go through each room in your home or apartment so you can get the protection with Renters Insurance for all the stuff that matters. Anything can happen at any time; it’s best to think ahead.

Renting In Staten Island

Whether you are looking for a hi-rise or private home, garden apartment complex or waterfront apartment, townhouse or condominium, we have the perfect home just right for you and your family. Gateway Arms Realty will help you through this process, and ensure that all of your needs are met. Work with one of our professional real estate agents to begin your exciting move to beautiful Staten Island.