Topic: Why Renter's Insurance?

So today I chose a topic that seems to be confusing to many people: Renter's Insurance. If you are one of the hundreds of people that doesn't quite know what renter's insurance is good for, don't be embarassed. It is easy to figure that you pay ENOUGH in rent, and surely the landlord already pays for insurance, so why should you have to pay TOO??

Well the answer is many tenants have no idea the risk that they are liable for, even when their landlord has perfectly good coverage. Under the owner's policy, NONE of your belongings are covered. Also, say that pesky old swing in your backyard ends up breaking while your neighbor's child is swinging on it and they decide to take you to court for a broken ankle. Wouldn't it be great to have some coverage for those incidents that we can't control?

So what does renter's insurance cover exactly? First of all, you will have to calculate how much you would estimate what it would take for your total belongings to be replaced. Typically this number is anywhere from $16,000 to $90,000. Then, on every renter's policy that we have, our clients have a $300,000 liability coverage that covers you in the event that someone gets injured on your property. You will also recieve medical coverage for every person in your household that gets ill or injured due to something that happens in your home.

 

Renters Insurance

You’ve built a home out of your apartment and filled it with all the things that make up your life. If these personal possessions were damaged, destroyed or stolen, would you be able to replace them?

How Much Renters Insurance Do You Need?

For a general guide of how much renters insurance coverage you may need, use this chart. Match the general quality of your possessions – economy, standard or luxury – with the number of rooms (not including bathrooms) in your home.

	2	3	4	5
Economy	$23,300	$26,200	$29,000	$31,800
Standard	$34,100	$38,200	$42,400	$46,400
Luxury	$39,600	$44,700	$49,200	$55,100

	6	7	8	9	10
Economy	$34,600	$37,500	$40,300	$43,100	$45,900
Standard	$50,600	$54,600	$58,700	$62,900	$67,100
Luxury	$63,100	$70,200	$76,300	$81,900	$87,200