According to recent statistics, there are an estimated 43 million housing units currently being occupied by renters in the U.S. Yet of that number, only 37% of renting tenants in the country have renters insurance, compared to the 85% of U.S. homeowners who are reported to have homeowners insurance.
So why such a dropoff with renters insurance coverage?
Much of why renters continuously refuse to consider seeking out a renters insurance quote is due to misconceptions about what these policies cover, how much they cost, and what the worst case scenarios are if they’re not covered by a reputable renters insurance company.
To clear up any confusion regarding the advantages of renters insurance, let’s break down what exactly renters insurance covers and why it’s so important.
What Is Renters Insurance?
Let’s start by specifically defining what renters insurance is: coverage for any personal property in your possession or being stored in a space or housing unit you’re currently on a lease and paying rent for.
For example, if you live in an apartment complex that suddenly caught on fire and most of your belongings were damaged or destroyed, having renters insurance would cover those lost items and reimburse you after filing a renters insurance claim.
All that being said, there are multiple forms of renters insurance, including:
● Personal Property Coverage: Coverage of any property that is either damaged due to an accident or disaster that was out of your control, or stolen from the property you pay rent for.
● Liability Coverage: Provides you coverage in the event that you damage someone else’s property you share a rented space or property with.
● Loss-of-Use Coverage: Can help pay any living costs or expenses experienced while your rented property is temporarily inhabitable (due to damage, repairs, etc).
Some renters insurance quotes can feature all three of these areas of coverage, while others allow you to pick and choose whatever works best for your needs.
What Does Renters Insurance Cover?
For most landlords that own or manage rental properties, they only have insurance coverage that protects the building or space as a whole, not coverage for the individual tenants and their possessions.
When you have renters insurance, you can receive coverage and protection for a wide variety of incidents involving your belongings, such as:
● Any forms of accidental damage, such as fires, smoke, leaks, flooding, freezing, etc.
● Any forms of malicious activity, such as theft, looting, vandalism, etc.
● Any forms of climate or weather-related incidents, such as hurricanes, tornados, snow, hail, lighting, etc.
● Any forms of appliance-related mishaps, such as oven, dishwasher, toilet, plumbing, etc.
When you start to look around your rented apartment or housing unit, the amount of value your possessions have can start to add up quickly.
Your TV, laptop, video game console, music equipment, furniture, clothing, stereo – odds are you have thousands of dollars worth of personal belongings that currently wouldn’t be covered, replaced, or reimbursed in the event of an accident or misfortune.
All it takes is for one freak incident or hazard to arise to make you realize just how important renters insurance is!
Affordable Renters Insurance for Minneapolis Residents
Renters insurance may not be required by law, but should be approached with a “better safe than sorry” perspective to avoid experiencing a worst case scenario regarding your valuables.
If you’re looking for a low-cost renters insurance quote to keep your belongings safe and protected, Value Plus Insurance offers flexible renters insurance options to ensure you receive ultimate coverage in the event of an accident or fiasco.
Contact Value Plus Insurance today to find out more about our renters insurance coverage plans, or give us a call at 952-435-0550 to speak directly with one of our insurance specialists.