Renters Insurance
by Wes Dugan
One of the biggest misconceptions of most people who rent is that their landlord has insurance that covers everything. And that is simply not true.
Whether you are a college student looking for a place to rent, someone who just sold their home and decides to rent for a while, or whatever the case, you must have renters insurance to cover your personal possessions, furnishings, etc.
Renters insurance will also provide liability coverage. If someone gets hurt on your property, then you are protected. We live in a very litigious society, so it’s not worth the risk to not have this coverage.
Renters insurance can also help you pay for a place to stay in case you are displaced from your rental property by something like a tornado, or major repair. Keep in mind that most policies put strict limits on how long this can be used. So make sure you speak with your local insurance agent about this part of the policy.
You want to know the value of your property so you don’t get (and pay for) too much coverage. If you have hand me down furnishings, then you may get by with a policy that covers less than if you have new furniture you just purchased.
Most apartment complexes and other rental properties require that you have renters insurance before they will agree to rent to you. So this is something you need to have in place prior to renting any apartment or property.
The good news is the cost of the policies are minimal. Usually less than $15 a month gets you renters insurance that provides full coverage. Usually for less than $150 per year, you can cover all your belongings and protect yourself in case someone gets hurt while in your apartment, loft, or rental home. And if your apartment complex or landlord has certain safety features, such as sprinklers, alarms, etc., it could bring down the price of your policy.
So, don’t take any chances. Talk to your local insurance agent today to figure out what you need, as far as coverage, and make sure you are protected.
Article written by: Wes Dugan, Farm Bureau
214 Castle Heights Ave. N. Ste. A
Lebanon, TN 37087-3419
Phone: 615-453-9702
Fax: 615-453-9703
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