Holiday Protection With Renters Insurance
The Holiday season usually means decorating your home or apartment and spending time with your family and friends. If you live in a rented home and see someone coming down your chimney, chances are he/she isn't there to bring you gifts. Rented homes are 79% more likely to be victimized by burglary then a home that is owned. Although renters insurance is affordable, only 43% of renters have a renters insurance policy. It is important to take measures to protect your home or apartment from break-ins with proper security and a renters insurance policy.
Why You Need Renters Insurance
Take a mental inventory of all your personal belongings. When you consider the value of your furniture, clothing, electronic equipment, CDs, DVDs, etc. the numbers really begin to add up quickly. What if your home were burglarized? Could you afford to replace all the property that was stolen? Most people simply can't afford to replace all their belongings at once. So you can dip into your savings and begin the slow and expensive process of replacing your stolen items one-by-one. Or, you can protect your personal property with a renters insurance policy.
What About Your Landlord's Policy?
While your landlord might not be Ebenezer Scrooge, you as a renter will not be covered under your landlords insurance policy. Many renters mistakenly presume that their landlord's policy will cover their property losses. Unfortunately, this is not the case. Most landlords' policies only cover the building and the building infrastructure. They do not extend to their tenants personal belongings. What's more, once a guest enters your home, you're liable for any injuries they may sustain while in your home.
What Renters Insurance Covers
Renters insurance is the most viable solution to protecting your belongings. Renters insurance covers personal property losses against a variety of perils including theft, vandalism, fire or lightning, windstorm or hail, smoke, water-related damage from home utilities, electrical surge damage and more. Renters insurance also provides liability coverage against a claim or lawsuit resulting from a bodily injury or property damage to others caused by an accident on your property. In addition, most policies will provide living expense assistance if your home becomes uninhabitable due to a covered peril.
Renters Insurance Is Affordable
Renters insurance is relatively inexpensive and you may well qualify for a variety of premium discounts. The average premium for $30,000 of property coverage and $100,000 of liability coverage is only $16 per month. When you do the quick math you can see that you can buy a policy that will protect tens of thousands of dollars in possessions for only a few hundred dollars a year.
You can take measures to lessen the risk of having your home broken into. Installing a deadbolt lock on your front door (if you don't have one already), adding window locks and installing a burglar alarm are great ways to ward off potential intruders. But even if you are victimized by a thief, at least you can take some comfort knowing that your personal belongings will be protected with a renters insurance policy.