Renters Insurance

Many people this time of year are renewing rental agreements or entering into new leases for the next 12 months. With the crash of the housing market, renting is on the rise and will remain so for at least another decade. Most have heard of Renters Insurance, but few really understand what it is all about and most think it is too expensive.

Many ask, “Is it a “gimmick” insurance that is too expensive and will never use, like warranty insurance??” Nope!  This insurance has great value in protecting your possessions and your personal liability at a low cost. Price…it all starts with price. On average, this insurance runs $10-$20 per month. That is very inexpensive!  If you bundle the coverage with your auto insurance, it could be even more inexpensive. If you live in South Carolina, it is actually pretty cheap!

“Ok, the price is really affordable, but what does it really cover?” From a busted water pipe to a leak in the roof, these are the types of accidents that you don’t expect to happen in your home. Although your landlord may be responsible for making the repairs, he or she is not responsible for repairing or replacing any of your property. Without Renters Insurance, you would have to replace the items out of your pocket. The policy is designed to cover the theft, disappearance, or destruction of your personal property. (Legal Disclaimer: Read your actual insurance policy to determine the full coverage terms and conditions). It covers your personal liability for a number of deeds that you could be potentially held liable for. For instance, if you have a fire or flood in your home and the investigation shows that you caused the event due to negligence, you can be held responsible for any damages caused to your neighbor’s home and property along with the damages in your home as well. If a person was to fall or injure themselves in your home, you could be held responsible for their injury even as a renter. This insurance would pay their medical bills and other costs.

There is truly a wealth of coverage in the Renters Insurance Policy at a very affordable price.

Finally, let me end with an example of how critical the insurance can be. A person recently shared a tragic story with me of how, when she was renting a home, she had all of her earthly possessions destroyed when the house caught fire. She had to start from scratch with everything from clothes and art to computers and jewelry. If she had only purchased the renters insurance, she would have had the funds quickly available to do so. She did not, and it took years to replenish her assets.

Contact us at Livingston, and we can help get you covered.