Renter's Need Insurance Too

Here’s a fact for you: 64% of renters recently surveyed say they don’t have renters insurance. That’s a pretty high number. Considering that renters aren’t void from burglary, pipe bursting, smoke damage, vandalism, fire, etc. I wouldn’t go without it and neither should you. When the unthinkable happens, you want to make sure your belongings are covered. Because contrary to believe, your personal posessions inside your apartment or rental home are not covered by the landlord’s policy.

Let’s break down some of the highlights of a renters policy.

1. As you can imagine, it will cover you personal property in the event that it is a loss caused by common perils, including fire, smoke, theft, water damage, vandalism, and more. It essentially the same personal property coverage that you would get a on standard home-owners policy.

2. Most people don’t know this or think of this but a renters policy will cover you for additional living expense. If you home is uninhabitable due to a covered loss…most common a fire…then your policy will cover you that additional expense to live elsewhere. Think about it, you will probably still have to pay rent (per lease agreement) but due to a fire, you cannot live in the home. Who will you stay with? What will it cost? Will you need a hotel? That’s what your renters policy will pay for.

3. Another highlight of a renters policy is that it will cover you and your family against lawsuits arising from bodily injury and property damage as well as the cost of legal defense. Keep in mind, this liability coverage follows you so whether the incident happen at your home, hotel, etc. you will have your policy limits to cover you.

4. And lastly, there are many optional coverages that can be added to your renters policy. Coverages like all risk personal property coverage, refrigerated products coverage, broken glass deductible waivers, sewer back up coverage, scheduled personal property coverage such as jewelry and computers, recreational vehicle liability, and more.

So if you are a renter or know someone that is, make sure you have a renters policy or spread the word to them. It’s not very expensive and it can offer a pretty big discount toward an auto policy.

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Matthew Perry is an agent and partner at EW Smith Insurance Agency in Wyandotte, Mi. They are an independent agency offering home, auto, life and business insurance. EW Smith Agency is the the leading provider of personal lines property and casualty insurance in the state of Michigan for Auto-owners Insurance Company. He can be reach at 734.284.4141 / mperry@ewsmith.com