Why Do You Need Renters Insurance?

6/15/2020 (Permalink)

As we move into storm season, there are several reasons to consider a policy today.

It’s a fact that over 90% of homeowners have an insurance policy on their home however, believe it or not, less than 40% of renters have renters insurance. When a landlord owns the building or home you are living in, the home owner will most likely ONLY have insurance for the structure but not what is inside. Unfortunately, your landlord’s property insurance will not help you if a disaster were to strike.

During storm season it is particularly important for you to talk to your landlord and find out what type of insurance they have on the property and what that covers. If their insurance does not include coverage for your belongings, you may need to speak with an insurance agent.

Here are a few reasons you should have your own renters insurance:

• If you have personal belonging that have been damaged or stolen, a basic renters insurance plan will reimburse you for those items.
• Damage caused by a fire or flood will be covered by a renter’s policy.
• If the home or apartment you are living in is severely damaged, and is not livable, an insurance plan will pay or help you pay for other living arrangements.

You may not be a homeowner, but renters insurance provides you with many of the same protections that may be beneficial in the event of an emergency such as a fire or storm damage from a tropical storm, hurricane or associated flood waters. You should talk to your insurance agent, there are plans available that can sometimes be as low are $12 a month.  

If the home or apartment you live in is damaged due to a storm or fire, the professionals at SERVPRO of Bath will work with your insurance company so you can get the relief you need. We hope you never need us, but if you do we can be reached at 252.923.0213.