Why do I need renters insurance?
Are you under the impression that your landlord's insurance policy will cover your personal belongings if your apartment or a neighbors apartment catches fire? What if the apartment above you has a serious water leak and it causes damage to your possessions? Who's going to pay to replace all your things if smoke damage, water damage, or theft occurs at your residence?
Unfortunately for the majority of renters the answer is the money will have to come out of their own pocket. That's because the majority of landlord's policies don't pay to replace any of the renter's belongings. You may not own the building but you have a lot of money invested in your personal property. Think about it, could you afford to replace everything you own today? Your clothing, furniture, jewelry, electronic equipment, and anything other possessions would add up to a hefty sum for most people. Covering your own possessions is up to you.
Ok, so how does renters insurance really protect me?
A renters insurance policy from the Tanner-Prince Agency can help protect you against life's most unpleasant situations. Let's face it, things happen and if your not prepared ahead of time the end result could be a financial disaster. A renter's insurance policy will protect your personal property from fire and smoke damage, theft, and vandalism. And, much like a home or auto policy they also provide you and your guests liability protection.
Here is a rundown of the coverages offered in a basic renters policy:
Personal Property Protection: covers the loss or damage of your personal belongings in your home and most other places
Liability Protection: protects you against lawsuits and judgements for covered events, provides legal representation
Guest Medical Protection: similar to a homeowners policy, covers the medical costs for visitors injured at a renter's home
How can I save money on my renters insurance policy?
When your looking for the right company to write your renters insurance the first thing you might ask yourself is, who has the cheapest renters policy? Let our agency figure that out for you, but in the mean time read on for some tips on how to keep your policy premium as low as possible.
One of the best ways to save on your renters policy is to write both your auto and renters policies with the same company. This isn't rocket science, but the savings can really add up. For example you will also receive a multi-line discount on your auto policy, increasing your savings even more. Some renters will also qualify for protective device discounts if they have features such as smoke detectors, fire extinguishers, dead bolt locks or a burglar alarm. There are also savings available for retired renters as well.
If your in the market for renters insurance be sure to call the Tanner-Prince Agency first. We will work together with you and review all of your options, not push you into purchasing a policy you know nothing about. We will also perform a personal property estimate to determine the right coverage amount for you.