When someone rents a home or apartment, they should have an insurance policy to cover their belongings. A landlord’s property insurance policy covers a loss to the building, whether it is a duplex, a house or an apartment. Even if someone believes they don’t need insurance, they should consider the following reasons to purchase a renter’s policy from an Insurance Company in Magnolia.
It’s Very Affordable
The average renter’s insurance policy only costs $187 a year, according to figures from the National Association of Insurance Commissioners. However, a renter’s actual cost will vary depending on factors including how much coverage they need, the type of coverage chosen, the deductible amount and the location of the home.
It Covers Lost Personal Property
Renter’s insurance protects against lost personal property, including jewelry, clothing, luggage, electronics and furniture. Even if someone doesn’t own much, the cost can quickly add up. According to insurance industry figures, the average renter owns almost $20,000 in personal property. A renter’s policy can cover losses, except those from excluded perils.
The Landlord May Require It
A landlord’s insurance policy covers the grounds and the structure, but not the renter’s belongings. Landlords are increasingly requiring tenants to buy their own insurance policies, and most want to see proof. If a renter needs help finding or purchasing coverage, their landlord might be able to help.
It Offers Liability Coverage
Liability insurance is included in a standard renter’s policy. This offers protection if someone is hurt while in the home, or if the renter or other covered individual accidentally hurts someone. It pays legal expenses and court judgments up to the policy’s coverage limit.
It Covers a Person’s Belongings During Travel
Renter’s insurance policy covers the customer’s personal belongings, whether they are in the car or with the person when they travel. Possessions are protected from loss due to theft and other covered reasons anywhere in the world. Check the policy documents or ask an insurance agent for details on covered losses.
The Final Word
A renter’s insurance policy offers coverage for the owner’s personal belongings, whether they are in the car or in the home. Additionally, these policies offer liability coverage in the event that someone is injured in the home, or a covered individual accidentally causes injury to another person. Visit us to consult an Insurance Company in Magnolia for advice on buying renter’s insurance.